TAX Related advice please..................
We bought our 3rd IP in Dec 2009 for $290K. Total purchase cost $305K including LMI, borrowing cost, stamp duty, settlement fee etc.
Bank lent us $264K and rest of $41K we raised by borrowing from friends, from son's saving etc.
After 3 months we got a new valuation report and We applied for a loan on our PPOR in April 2010. Bank approved and lent us $44k as a new investment loan. Now we are in the process of buying 4th IP. We are buying for $265K.
My question is : Where we should show this $44K investment loan? If we show it for 3rd IP, we can show $41 K and if we show for last purchase, it go in next financial year as settlement is on 5th of August 2010.
If not clear pl ask Qs.
Thanks...
We bought our 3rd IP in Dec 2009 for $290K. Total purchase cost $305K including LMI, borrowing cost, stamp duty, settlement fee etc.
Bank lent us $264K and rest of $41K we raised by borrowing from friends, from son's saving etc.
After 3 months we got a new valuation report and We applied for a loan on our PPOR in April 2010. Bank approved and lent us $44k as a new investment loan. Now we are in the process of buying 4th IP. We are buying for $265K.
My question is : Where we should show this $44K investment loan? If we show it for 3rd IP, we can show $41 K and if we show for last purchase, it go in next financial year as settlement is on 5th of August 2010.
If not clear pl ask Qs.
Thanks...