2007-01-11 16:33:19 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Australia
Hey, only if your loan is for an investment property in Aus. Sorry, no deductions if its your own place and living in it.. If it's an investment property the loan is deductable at your marginal tax rate, therefore reducing the tax you pay.. Hope this helps!
2007-01-14 14:40:32 · answer #1 · answered by ryan B 1 · 1⤊ 0⤋
In the U.S. there is a tax deduction for mortgage payments for the home you live in. That is NOT the case in Australia.
In Australia, there is a tax deduction for interest paid or accrued only if the property is intended as a source of income.
2007-01-13 19:57:22 · answer #2 · answered by andrew f 3 · 1⤊ 0⤋
My hubby usually does the taxes, but from what I understand you can deduct your mortgage interest, and it can be a pretty sizable deduction, which means less taxes due from you.
2007-01-12 00:42:35 · answer #3 · answered by April 3 · 0⤊ 0⤋
G'day,
If you are paying a mortgage for your own house to live in... no.
If you are paying a mortgage for the property that you rent out... yes - interest only.
Hope this helps. Good luck!
2007-01-17 02:35:21 · answer #4 · answered by Batako 7 · 1⤊ 0⤋
yes because you are itemizing your deductions which lowers your tax base which lowers your taxable income. Other tax lowering ideas (Ira accounts, 401k at work, kids, medical expenses).
2007-01-12 01:21:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋