Current PPOR has a loan of $260k (with $40k available on redraw)
I intend to increase this loan to $400k to release $140k as a deposit on a new PPOR and then rent out the original house.
Loan is now contaminated and only the interest on the original $260k is tax deductible correct?
Does the loan need to be "split" to show the 2 separate amounts or can the accountant simply apportion the correct amount of interest as deductable?
Cheers
loan contamination and interest apportionment
I intend to increase this loan to $400k to release $140k as a deposit on a new PPOR and then rent out the original house.
Loan is now contaminated and only the interest on the original $260k is tax deductible correct?
Does the loan need to be "split" to show the 2 separate amounts or can the accountant simply apportion the correct amount of interest as deductable?
Cheers
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