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Is money withdrawn from home loan offset acc to buy investment property tax deductible?

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Ravi | 31 Jul 2015, 09:05 AM Agree 0

I have approx $200k in offset account linked to my home loan. I am planning to buy an investment property using $50k from offset account towards 20% payment.

As a result it will increase interest paid for my home loan (by approx $2125 pa.).

My question - is this interest tax deductible?

  • Money | 31 Jul 2015, 09:12 AM Agree 0
    Sure is!
  • julia | 26 Sep 2015, 09:18 PM Agree 0
    It will not refer TR 2000/2 The offset account is a savings account you need to borrow the money for the interest to be tax deductible
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