G'day all,
I dabbled in some managed funds over the years, and since I have sold all of them I have a bank account with a negative balance left over.
I also have several investment properties, each with the own loan account, as well as a "buffer" account which I transfer money in/out of depending on what IPs need topups etc from time to time.
My question: is there any problem transferring some of the debt from the old managed funds account into some of the IP loan accounts (or the buffer account), since everything is tax deductible anyway?
All loans are in our individual names, no companies or trusts to complicate the issue.
My accountant suggested "no", as you shouldn't transfer debt from one investment vehicle to the other, but that was all they had to say and it leaves me to question why?
I dabbled in some managed funds over the years, and since I have sold all of them I have a bank account with a negative balance left over.
I also have several investment properties, each with the own loan account, as well as a "buffer" account which I transfer money in/out of depending on what IPs need topups etc from time to time.
My question: is there any problem transferring some of the debt from the old managed funds account into some of the IP loan accounts (or the buffer account), since everything is tax deductible anyway?
All loans are in our individual names, no companies or trusts to complicate the issue.
My accountant suggested "no", as you shouldn't transfer debt from one investment vehicle to the other, but that was all they had to say and it leaves me to question why?