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Home Health Check

On 27 May 2004 the High Court of Australia ruled against the use of split home I investment loans and capitalised interest to maximize tax deductions.

Under a split loan arrangement, the investor splits a loan into a home loan account and an investment property account.

All available money - including rent from the investment property - is then used to payoff the home loan, where interest is non-deductible, while interest accrues and is capitalised on the investment property account.

Now the ruling has been made people in such an arrangement need, as a matter or urgency, to contact their accountant to assess their individual position.