Hi all, I have my IP loan account statement showing the interest payment taken on the last day of the month. The money gets taken from the offset account the following day (first day of the month). When claiming expenses come tax time, would I consider the expense occurring on the last day of the month or first? Thanks Frosty
You have incurred the interest charge on the last day of the month so will be claimable on the last day of the month.
I would ask them actually, or look on the statement, it may be that it is taken same day but does not show till next, or may in fact be taken the next.
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