Hi guys
could you pls advise the following?
both PPOR and IP are with the same bank
PPOR has an offset account.
1 IP IO, does not has offset account, linked with PPOR offset account (rent comes back to the offset account, IP interest deducted from the offest account as well)
did not feel right
so opened a transaction account to link with the IP loan, thus rent will go to the transaction account, IP interest will be deducted from the transaction account. the purpose of such arrangement is to separate PPOR from IP transaction.
is this arrangement OK in terms of taxation?
regards
could you pls advise the following?
both PPOR and IP are with the same bank
PPOR has an offset account.
1 IP IO, does not has offset account, linked with PPOR offset account (rent comes back to the offset account, IP interest deducted from the offest account as well)
did not feel right
so opened a transaction account to link with the IP loan, thus rent will go to the transaction account, IP interest will be deducted from the transaction account. the purpose of such arrangement is to separate PPOR from IP transaction.
is this arrangement OK in terms of taxation?
regards