Refinance tax question

[simonjulie]

From: Simon and Julie M


Hi all
Does anyone know whether the cost of refinancing is tax deductible? That is, if you choose to move your debt and/or funds from one financial institution to another for the purpose of further investment, is the penalty pay out on settlement considered a deductible expense.

Regards
Simon

 

[DaleGG]

Reply: 1
From: Dale Gatherum-Goss


Hi Simon!

Yes, it is tax deductible and the tax office have confirmed this stance in one of their internal policy papers (from memory)

Dale

 

[simonjulie]

Reply: 1.1
From: Simon and Julie M


Thanks Dale
I now have to go through and find the settlement docs
Kind regards
Simon