From: Glenn Mott
Here is one for the tax guns..
If someone was to buy a prop on say, the 1st of June and borrow the entire amount on an interest only loan, then on the 30th June pay the next year's interest in advance, would you get the full amount paid as a tax deduction or would you get the amount paid multiplied by 1/12 as you had only owned the prop for 1 month of that financial year??
Glenn
Here is one for the tax guns..
If someone was to buy a prop on say, the 1st of June and borrow the entire amount on an interest only loan, then on the 30th June pay the next year's interest in advance, would you get the full amount paid as a tax deduction or would you get the amount paid multiplied by 1/12 as you had only owned the prop for 1 month of that financial year??
Glenn
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