This is a hypothetical question.
But lets say you have 4 IPs, all of which have been sitting just above neutrally geared. In the mean time you have been saving and have lump sum of cash, enough to pay off the debt of all 4. You are also nearing retirement and about to leave your job.
Is it legal to wait until the new tax year (when have zero income) to pay off all 4 houses and thus incur no extra tax (outside rent)?
But lets say you have 4 IPs, all of which have been sitting just above neutrally geared. In the mean time you have been saving and have lump sum of cash, enough to pay off the debt of all 4. You are also nearing retirement and about to leave your job.
Is it legal to wait until the new tax year (when have zero income) to pay off all 4 houses and thus incur no extra tax (outside rent)?
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