I am looking for some advice on loan interest deductability.
My PPOR has a large mortgage against it but I have an offset account which covers all of the interest.
I am looking to borrow money to build up my share portfolio. I have a margin loan facility available but the interest rate on this facility is fairly high (9.4%).
Can I draw down on my offset account with the sole purpose to buy the shares and then claim a tax deduction against the interest charged on my mortgage?
My PPOR has a large mortgage against it but I have an offset account which covers all of the interest.
I am looking to borrow money to build up my share portfolio. I have a margin loan facility available but the interest rate on this facility is fairly high (9.4%).
Can I draw down on my offset account with the sole purpose to buy the shares and then claim a tax deduction against the interest charged on my mortgage?