Hi there,
Can I borrow to pay tax and claim the interest on this as tax deduction?
Eg. Selling an IP with a 300k CG, and paying say approx. 50 K CGT, and borrowing to pay this 50k amount, that way the full 300k cash could be used as a deposit on a PPOR?
Does it make any difference if you are a contractor or an employee?
Thanks.
Can I borrow to pay tax and claim the interest on this as tax deduction?
Eg. Selling an IP with a 300k CG, and paying say approx. 50 K CGT, and borrowing to pay this 50k amount, that way the full 300k cash could be used as a deposit on a PPOR?
Does it make any difference if you are a contractor or an employee?
Thanks.