Using LOC to fund a superannuation deposit - Deductible?

Discussion in 'Accounting & Tax' started by Muzza, 13th Jun, 2007.

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  1. Muzza

    Muzza Active Member

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    If i use funds from my Line of Credit to top up my superannuation before the end of tax year, if the interest from the Line of Credit tax deductible?
     
    Muzza, 13th Jun, 2007
    #1
  2. Bob__

    Bob__ Well-Known Member

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    super

    I wish. Sorry, but my understanding is no. The superannuation fund is not income producing. Some investors are borrowing against their properties, plonking the money into the super with the intention of selling the properties down the track...the borrowings are are not tax deductible but the advantage is that they can put in up to $1M this fiscal year in anticipation of earning more than the borrowing rate (7 or so percent)..
     
    Bob__, 13th Jun, 2007
    #2
  3. Nigel Ward

    Nigel Ward Well-Known Member

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    Not on the funds used for that purpose. :(
     
    Nigel Ward, 13th Jun, 2007
    #3