Like most, my property has realised capital gains and has over $600k equity. My current account balance is zero. The structure is a look through company. My question is this. Is the LTC allowed to take out a loan of $150k against the rental property and give that to me for personal use, essentially realising some of the capital gain and then be able to count the loan interest as a deductible expense?
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Not with a zero current account balance. Speak to your accountant on ways of getting that balance up. Then yes.AAT Accounting Services - Property Specialist - [email protected]
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