I have an investment property which I was owning outright, I pulled equity in a form of investment loan to use that money to buy ETF shares for investment / passive income in the future. I have a target for the buy price of the ETF, which is not there yet. Until the ETF comes to my price target:
- Can I put this money in a saving account (not offset), earn interest (it will be added to my income) and hence claim tax deduction for the interest on the investment loan?
- If there answer is yes to the above question, is there any time limit by which I have to invest the money in an ETF or I can wait until the ETF price comes to my target price?
- If the answer is no to the above question, can I put that money in a fixed income ETF that does the same job (dividends will be added to my income) and hence claim tax deduction for the interest on the investment loan?
Many thanks,
Kind regards,
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358 views
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