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Loan to Family Member

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Newbie

Views 1111

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Dear Sir/Madam

 

I have invested to my son's business, cafe in Burwood. I took a loan from the bank lent it to my son's business. The expectation was that the interest on the loans would be paid and that over time the loan would be paid back and an additional 6% of the loan would be collected as a profit from the invesment. Since the business has been occuring losses in FY2019 he has not been paying me the principal and interest, therefore I have incurred loss through interest payment in this financial year.  Can I claim this interest in my 2019 tax return?

 

Your advise would be very helpful.

 

Regards

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

ATO Certified

Community Support

Replies 0

Hi @keman13

 

Welcome to our Community!

 

We can provide general information here on our Community and we'd need to know more information about your situation to be able to provide a definite answer. 

 

Generally, you can find general information about investing on our website, however we'd encourage you to contact our Early engagement team by submitting a request form or writting to us to request a private ruling to receive a more tailored response relating to your specific situation. 

 

Thanks, JodieH. 

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @keman13

 

Welcome to our Community!

 

We can provide general information here on our Community and we'd need to know more information about your situation to be able to provide a definite answer. 

 

Generally, you can find general information about investing on our website, however we'd encourage you to contact our Early engagement team by submitting a request form or writting to us to request a private ruling to receive a more tailored response relating to your specific situation. 

 

Thanks, JodieH.