I would like to borrow a bank loan to make contributions to my superfund. Is the interest expense on the bank loan an allowable deduction on this investment?
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Hi @CNg
No, you can't. When you claim interest on a loan, you're claiming it against the income you're getting. You'd need to invest in income-producing assets - from a rental property you get rental income; from shares you get dividends etc. It doesn't sound like this is the case if you're making contributions into your super.
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Hi @CNg
No, you can't. When you claim interest on a loan, you're claiming it against the income you're getting. You'd need to invest in income-producing assets - from a rental property you get rental income; from shares you get dividends etc. It doesn't sound like this is the case if you're making contributions into your super.
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