Home – New Forums Money matters Business Finance with no recent income history Reply To: Business Finance with no recent income history

#1083976
DTW
Member
  • Total posts: 6
Up
0
::

I agree that no business decision should be made based on obtaining a tax deduction.

Just an idea, lets say for example if I have an existing mortgage say $400K (house is valued $600K), cash $100K in bank which is in an offset account. If the $100K is then taken out to buy the business and vehicle in lieu of a business loan (which in effect is redrawing from mortgage for business use). Can the difference in interest due to the $100K no longer offsetting the mortgage be used as a business tax deduction? I assume the loan has to be restructured to show this.