Tax Tip 2: Debt Recycling

Discussion in 'Accounting & Tax' started by Terry_w, 16th Jul, 2015.

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  1. Mr. Percival

    Mr. Percival New Member

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    25th Apr, 2024
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    Location:
    Melbourne
    Hi, I listened to probably all the podcasts Terry has on debt recycling and read through this forum. Some good stuff out there! However, I'm still a newb in it.

    For now, I got one question. Has anyone tried DR through an Interactive Brokers account? It is slightly different than a regular Commsec account where transfering funds is easy as.
    With IB you're required to send money to the IB bank account (not my account) with a unique reference number and it can take days.
    Can this impact tax deductions in any way? Make it harder at the tax time etc.?

    Thanks team!
     
    Last edited by a moderator: 26th Apr, 2024
    Mr. Percival, 25th Apr, 2024
    #321
  2. Terry_w

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

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    18th Jun, 2015
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    Australia wide
    I don't see any reason to think that would impact deductibility of interest
     
    Terry_w, 25th Apr, 2024
    #322
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,621
    Location:
    Sydney
    This is no different to a bank. When you transfer to a bank it actually goes into a huge pot and the coding from ETF, Bpay etc merely allocates to an account. Thats not different.
     
    Last edited by a moderator: 26th Apr, 2024
    Paul@PAS, 26th Apr, 2024
    #323
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