Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
19 July 201908:22 PM - edited 19 July 201908:33 PM
Hi I am looking at buying a home to live in. I currently have an investment property that I rent out. My mortgage broker has suggested I increase refinance the loan on my investment property to provide extra funds for the purchase of my home to buy and live in. I currently rent a room in someone else’s home. My question is If I increase the loan on my investment property by say 50k to use to put towards buying a home to live in. Will the interest on this extra 50k on that loan for the investment property be tax deductible?