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PUBLIC TAX DETERMINATION DT2008/27 |
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DECEMBER 2008
Public Tax Determination TD2008/27
http://law.ato.gov.au/atolaw/view.htm?locid=TXD (then follow the prompts)
TD 2008/27 has now clarified the position for the public generally.
The factors that will determine the deductibility of interest are:
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Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.
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NAB BOSS TO IGNORE RATE CUTS - APRIL 2009 |
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RESERVE Bank interest rate cuts will no longer have any significant influence on home mortgage rates, a bank chief said yesterday.
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WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008 |
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm
A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.
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WEALTH MAXIMISER UPDATE - MAY 2008 |
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Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.
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Private Ruling Authorisation Number 81797 - APRIL 2008 |
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April 2008
Private Ruling Authorisation Number 81797
http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm
Facts: The taxpayer sought to claim as a deduction the capitalised interest on additional borrowings used to meet the shortfall between the rental income on his investment property and the interest, rates and maintenance costs he paid in relation to the property. The taxpayer advised the ATO that he did not want to use his personal income to repay his private home loan debt or reinvest in other income-producing assests.
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WEALTH MAXIMISER UPDATE - FEBRUARY 2008 |
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Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility.
Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.
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A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage.
One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...
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AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.
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