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| *Ostroff, Fair and Company>>>Australia Taxes |
Will I get any tax deductions by taking a loan in Australia? |
I want to take a car loan of about AUD40,000 from the bank.I just wanted to know will there be any reduction in my tax deductions if I take a loan. Can the taxable income be paid as a loan instalments.I dunno anything about the tax attached with loan.hopel me plzzzz..... thank u so much If it is work related... yes... but only the interest part.... otherwise no depending no wether the loan is related to ur job or business purpose from melbourne fazi_all@yahoo.com You can only claim work related expenses as a deduction in Australia. If you are buying a car, that isn't considered an expense, it's gaining an asset. You're taking out a liability (the loan) to pay for that asset. If you were to Lease the car (for business purposes only) you could claim the lease as an expense, or a portion of it (if you also used it for personal use - you would need a log book, and there's fringe benefit implications there) If you could that you have to - have to have a car to run your business or so....., and you can not use public transport for that. There shouldn't be, there isn't any tax deduction that would be affected by that. There is no tax attached to a loan, only interest. Borrowing money doesn't make up part of your taxable income. |
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