Borrowing to Invest in Super...

Discussion in 'Coffee Lounge' started by cdremy, 29th Mar, 2009.

  1. cdremy

    cdremy Member

    Joined:
    19th Jun, 2007
    Messages:
    26
    Location:
    Melbourne, Victoria
    Hello,

    I was just curious whether it is possible to borrow money from a bank (say $50000), invest it in your super fund, then claim a tax deduction for the interest paid to the bank. Is this legal? I've tried googling and the ATO website, but I can't seem to find the answer.

    Cheers
     
  2. Propertunity

    Propertunity Real Estate Buyers Agent

    Joined:
    1st Jul, 2008
    Messages:
    9,698
    Media:
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    Location:
    NSW Central Coast, Sydney, Newcastle and Lower Hunter
    Instead of that use this forums excellent search capabilities.

    Seach for 'borrow super' and you'll find 192 threads on the subject. Happy reading. You can borrow but there are strict rules and ways to do it.