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Tax Tip 81: Deductibility of interest property in name A but B paying loan

Discussion in 'Accounting & Tax' started by Terry_w, 11th Nov, 2015.

  1. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Tax Tip: Deductibility of interest property in name A but B paying loan

    What happens if a person is paying someone else’s loan? For example A and B own a property 50/50 but B goes on maternity leave and has no income.

    In this situation even if A is paying the loan in full the deductions will still be split according to ownership.
     
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  2. WestOz

    WestOz Well-Known Member

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    Wow number 81 Terry, good karmas coming your way...

    Simon should give you your own sub forum section, Hell channel 7 should employ you to go up against Ross Greenwood ;)
     
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  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    The ATO doesn't care who pays it.