Hi. does anyone know if you can claim back any tax on owner occupied home loan in australia? i read from the mortgage watch dog, that you can. but you have to buy the cd and book to find out how. they say its the secret that the rich get richer for doing this deduction on their own home, that nobody is aware of. thanks
2007-07-05 02:24:26 · 0 answers · asked by sydneychick35 1 in Business & Finance ➔ Taxes ➔ Australia
You're not talking about claiming back tax on your home loan (you don't pay tax on your home loan) but claiming a deduction for interest to offset income earned from the use of your home.
You'd need to be using your home for an income producing purpose (e.g. as a place of business or renting it to a tenant) to be entitled to claim deductions (e.g. for interest on the loan) in the first place. The catch is, down the track when you sell your home you may not be entitled to claim the full main residence exemption for capital gains tax.
Be sceptical about products which supposedly reveal "secrets" - there are no legal loopholes if you're not using your home for an income producing purpose and the ATO are always sniffing out promoters of tax-deduction driven investment schemes. People don't get rich by just by minimising their tax.
Your money would be better spent on an independent tax adviser who can appraise your individual circumstances and responsibly advise you on capital gains tax implications and using your assets for retirement/superannuation strategies.
2007-07-08 19:40:56 · answer #1 · answered by Camperdown T 4 · 0⤊ 0⤋
Mortgage Tax Deduction
2016-10-31 13:42:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I am in Melbourne and I cannot see that you can have a tax deduction on your house loan. The rich may register their homes as part business office etc and have a tax break ~~
2007-07-05 02:33:45 · answer #3 · answered by burning brightly 7 · 0⤊ 0⤋
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2015-12-17 19:07:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2007-07-05 02:26:28 · answer #5 · answered by Anonymous · 0⤊ 2⤋