Using partner's bank account to pay my IP interest

Discussion in 'Accounting & Tax' started by Mark, 28th Oct, 2017.

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  1. Mark

    Mark Well-Known Member

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    The ppor is in my partner's name and the IP is in my name. Is it ok for me to use the PPOR's offset account to pay the interest of my IP? Is it going to increase complexity in tax return? Will the interest payment still be tax deductible? Thanks
     
    Mark, 28th Oct, 2017
    #1
  2. Terry_w

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

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    No tax issues. Deductible to who incurs the interest not who pays it.
    Could be asset protection issues though.
     
    Terry_w, 28th Oct, 2017
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  3. Mark

    Mark Well-Known Member

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    Thanks, Terry. Why there is asset protection issue?
     
    Mark, 29th Oct, 2017
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  4. Terry_w

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

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    person A is paying for something owned by person B.
     
    Terry_w, 29th Oct, 2017
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