Good morning! I have a possibly silly question:
If I were to pay a significant lump sum onto my homeloan, will I need to pay any tax on that?
I really don't understand tax that well!
Thanks!
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Hi @lauraexplorer,
Firstly, absolutely love the username!
As @Glenn4802 has mentioned, you don't need to pay tax on a repayment towards the homeloan. Tax would only apply to the lump sum amount itself depending on whether it falls into the category of assessable income. But there are no tax implications for paying extra onto a mortgage.
RachATO
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You won't have to pay any tax on the payment to your loan.
Hi @lauraexplorer,
Firstly, absolutely love the username!
As @Glenn4802 has mentioned, you don't need to pay tax on a repayment towards the homeloan. Tax would only apply to the lump sum amount itself depending on whether it falls into the category of assessable income. But there are no tax implications for paying extra onto a mortgage.
RachATO
Thanks so much!! :)
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