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Thanks, Mry. Now i see how complicated this can be... I guess it will give accountant a big headache and also cost me big $... That's why i was thinking whether change the loan from LOC to IO with offset account before i convert my PPOR to IP will simplify/get rid off this big headache...

Hi Marg, The LOC was taken out when i refinanced to purchase my 1st IP. The financial advisor knew i wanted to use some fund to trade shares, so he said "if u use part of fund in a LOC account rather than using ur own money (in ur offset account) to trade shares, the interest is tax...

Hello, … I’ve just realized that I have a contaminated LOC loan on my PPOR… and I’m thinking about turning my PPOR into an IP. So how much is my eligible loan amount in calculating interest deduction? Scenario, 1/1/08 LOC granted, with credit limit of $200K; 1/1/8-31/12/08...