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Super Co contribution - Margin Loan Interest

Discussion in 'Investing Strategies' started by Kipps, 3rd Sep, 2009.

  1. Kipps

    Kipps Member

    Joined:
    21st Aug, 2009
    Posts:
    6
    Location:
    Melbourne Viv
    Hi all, wondering if someone could answer this for me.

    Lets say I have income as a PAYE of $60,000 and interest on my margin loan for the year was $10,000.

    I know my taxable income will be $50,000 but what about my assessable income?

    I ask this because the super co-contribution is based on your assessable income and the lower your assessable income the more co-contribution you can get.

    Thanks in advance. :D
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Kipps,

    You might want to check with an accountant.
    Your assessable income is different to your taxable income.

    My Tax Zone: What is Assessable Income?

    The ATO has already thought of it ;)

    Cheers,

    Dan