Time of interest charge

Discussion in 'Accounting & Tax' started by Frosty123, 1st Jan, 2016.

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  1. Frosty123

    Frosty123 Well-Known Member

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    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
     
    Frosty123, 1st Jan, 2016
    #1
  2. Mike A

    Mike A Well-Known Member

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    You have incurred the interest charge on the last day of the month so will be claimable on the last day of the month.
     
    Mike A, 1st Jan, 2016
    #2
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  3. dabbler

    dabbler Well-Known Member

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    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.
     
    dabbler, 3rd Jan, 2016
    #3
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