Interest on loan to pay NSW Land Tax

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

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  1. TwoDogs

    TwoDogs Well-Known Member

    Joined:
    25th Jun, 2015
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    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.
     
    TwoDogs, 1st Mar, 2006
    #1
  2. MJK__

    MJK__ Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    271
    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
     
    MJK__, 2nd Mar, 2006
    #2