I am buying a 'pre-stage 1' property (off the plan) for which I need to outlay $44,000 as a deposit towards the building costs. I assume I want all costs towards the property to be tax deductible, including this $44K amount. I have already paid $4K by credit card, with $40K due.
How do I ensure that this amount is tax deductible?
Do I need to apply for a loan or line of credit before I pay the amount/s? If I pay the amount from my current funds or my credit card (the balance is due soon), is it too late to make it tax deductible if I get the loan in two weeks time, and 'pay back' the money to the account I paid it from?
(I currently have two other properties (home with large debt, investment with small debt) and I need to keep the home debt with my current lender (NAB), who is the provider of a very specific industry subsidised loan, with which other lenders would not be able to compete. Home loan brokers do not seem too interested in taking on my business, as they can't move my large loan, and would suffer on their commission.)
How do I ensure that this amount is tax deductible?
Do I need to apply for a loan or line of credit before I pay the amount/s? If I pay the amount from my current funds or my credit card (the balance is due soon), is it too late to make it tax deductible if I get the loan in two weeks time, and 'pay back' the money to the account I paid it from?
(I currently have two other properties (home with large debt, investment with small debt) and I need to keep the home debt with my current lender (NAB), who is the provider of a very specific industry subsidised loan, with which other lenders would not be able to compete. Home loan brokers do not seem too interested in taking on my business, as they can't move my large loan, and would suffer on their commission.)