WILL INTEREST STILL BE TAX DEDUCTIBLE IN THE FUTURE?

18 Feb 2016

The Federal Government is currently looking at whether interest payments should continue to be tax deductible. The Standing Committee on Economics is conducting an Inquiry into the simplification of the income tax system and is considering whether there should be cuts to income tax deductions, to fund cuts to overall taxes. If interest is no longer allowed as a tax deduction, this would certainly impact investors. The Inquiry is being led by Local MP, Craig Laundy, Member for Reid, who is Chair of the Committee. The Committee’s Report is due soon. Watch this space…