Offset Accounts
If offset accounts are considered as financial assets (see Age Pension, Income and asset tests > Are offset accounts an asset?), and therefore are subject to deeming, is it then reasonable to treat the interest saved through the offset against an investment loan as an expenditure against the rental income? Otherwise the said asset would be deemed twice.
1 comments
1 comments
How do you treat Interest saved as an expense (grossing up ???)
Might have to check with your tax accountant, but i should think its not allowed
Doesnt make sense to me
Money in your offset account is an asset and I assume will be deemed at 1.75/3.25%