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MoniPS(Initiate)Initiate
12 July 2023

I have a private mortgage and an investment loan. 2 separate loan accounts incurring different interest rates and 1 offset account. Because I have only one offset account and currently linked to the investment loan account (bank), my personal savings are in there and helping my interest expense go down.

I want to know if I can use that tax savings as tax deductible as part of my investment expense? bec. it should have applied to my private loan instead of my investment.

I will have them separate after the new FY to make it cleaner.


4,161 views
1 replies
4,161 views
1 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
13 July 2023

Offset account reduces interest on the loan.


There is no tax deduction for interest not paid because of the offset account, because it was not incurred.



All replies

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
13 July 2023

Offset account reduces interest on the loan.


There is no tax deduction for interest not paid because of the offset account, because it was not incurred.



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Do I include my interest savings from my offset in the tax deductible for my investment mortgage? | ATO Community