On Thursday CBA and ANZ joined Westpac in raising interest rates (and whilst this can feel like doom and gloom) it is not all bad news. For people who have an investment property, there is a silver lining!
You can claim interest charged for loans as a tax deduction when the accounts in question are used for investment purposes. This may include interest accrued through a mortgage on an investment property, money borrowed to buy shares, or other loans relating to investment portfolios.
If you need clarification on how this rate change affects your taxation, or you have recently acquired an investment property, speak to one of our friendly Accountants here at NKT Tax Accountants today.