hi folks, yet another boring redraw question because i cant find the answers on here.
scenario
redraw say 10k from IP1, into normal bank account (that is linked to loan account), to use as some of the deposit for a new IP.
will the ATO see this as personal use if it goes into noraml account?
can i move that exact amount that i redraw into savings account where the rest of the deposit is and then move the whole lot so i can prove where it goes?
still pretty new to all of this. any help/advice would be great!
scenario
redraw say 10k from IP1, into normal bank account (that is linked to loan account), to use as some of the deposit for a new IP.
will the ATO see this as personal use if it goes into noraml account?
can i move that exact amount that i redraw into savings account where the rest of the deposit is and then move the whole lot so i can prove where it goes?
still pretty new to all of this. any help/advice would be great!