Advice needed
We have just gone unconditional on a property in Perth at 80%lvr
We require roughly 140K at settlement
We have released enough equity from another property to cover settlement costs but the funds will not be available until the day of actual settlement and the agent requires the funds 3 days earlier.
So my question is are there any tax implications (not being able to claims costs) for us using our offset cash in PPOR to cover the costs at settlment and then transfer the exact same amount of funds from our new equity account back into offset account PPOR.
I Hope this makes sense and one of our SS gurus can help me
Thanks
We have just gone unconditional on a property in Perth at 80%lvr
We require roughly 140K at settlement
We have released enough equity from another property to cover settlement costs but the funds will not be available until the day of actual settlement and the agent requires the funds 3 days earlier.
So my question is are there any tax implications (not being able to claims costs) for us using our offset cash in PPOR to cover the costs at settlment and then transfer the exact same amount of funds from our new equity account back into offset account PPOR.
I Hope this makes sense and one of our SS gurus can help me
Thanks