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Redraw from IP to pay bill

Home Forums Property Mortgage/Finance Redraw from IP to pay bill

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  • #572
    JaySang
    Participant

    I have an IP that the redraw has added up to about $900. I still use an offset for everything. I have a IP bill that I want to use this $900 to pay, however I can only redraw into my bank accounts and not pay the bill directly from the redraw.

    To keep the entire loan tax deductible is it as simple as redrawing into my bank account (could even make an account zero), and then paying the bill from that account?

    I know I need to run it by the accountant but interested if anyone else has come up against this.

    Cheers

    #579
    R.D.
    Keymaster

    When I looked into this, I was told to go down the path of least resistance. If it could not be paid directly from the redraw, move the money into an empty account and pay from there. So there is a clear path. Definitely worth running past your accountant. Hope this helps.

    #580
    JaySang
    Participant

    Wonderful thanks. I will let you know what the accountant says too

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