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Interest on loan to pay NSW Land Tax

Discussion in 'Accounting, Tax & Legal' started by MrDarcy, 1st Mar, 2006.

  1. MrDarcy

    MrDarcy Well-Known Member

    Joined:
    13th Sep, 2005
    Posts:
    283
    Location:
    Sydney
    I've heard that interest on loans to pay tax is not deductable, but how about NSW land tax? Want to draw from my property expenses LOC to pay this EVIL EVIL TAX, nice to know if ATO consider it just another expense.
     
  2. MJK

    MJK Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    280
    I do know the tax payment itself is deductable so I would have thought it classed as a legitimate expense that could be capitalised?

    Like you I would love to hear and accountants perspective.

    MJK