Tax deductible on personal borrowed money to pay for family trust's purchase

Discussion in 'Accounting & Tax' started by melbourne171, 21st Sep, 2016.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Sounds like the interest might be deductible. if the trustee is norrowing to buy the units the discretionary trust woukd claim the interest. if the money is being borrowed and lent tothe unit trust the unit trust may be able to claim the units.
     
    Terry_w, 5th Nov, 2016
    #41
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Your last paragraph says it is a loan to the trust. is there a written loan agreement on commercial terms?
     
    Terry_w, 5th Nov, 2016
    #42
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