Hi all,
I'm in the very early stages of looking to start my own company.
Hypothetical question regarding start uo costs, I have the cash to buy the equipment and software I need ready to go.
I start a company, "Propagate Enterprises" for example and I am the sole owner/director.
If I use my cash to pay off a chunk of the PPOR loan, then take a new loan split and use the loan proceeds, (which would be in mine and my partners personal names), to purchase the equipment I need for my new company, can I claim the interest on that loan split on my personal tax returns at year end or do I have to pay my cash into an account in the new companies name and buy my equipment through the company?
Thanks.
I'm in the very early stages of looking to start my own company.
Hypothetical question regarding start uo costs, I have the cash to buy the equipment and software I need ready to go.
I start a company, "Propagate Enterprises" for example and I am the sole owner/director.
If I use my cash to pay off a chunk of the PPOR loan, then take a new loan split and use the loan proceeds, (which would be in mine and my partners personal names), to purchase the equipment I need for my new company, can I claim the interest on that loan split on my personal tax returns at year end or do I have to pay my cash into an account in the new companies name and buy my equipment through the company?
Thanks.