I have a scenario that I need assistance with. Maybe, some of you guys have a similar setup.
I have an investment loan of 100,000 that I trade from. So you could imagine there is constant money movements - going into and coming out.
After some trading, there is 50,000 of which 10,000 is profit (there is still 60,000 on the market in open positions).
I want to take out 10,000 to put into my mortgage, but if I do that then I will be paying 10,000 more in loan interest repaymentsÖ Right?
Even though this is technically profit. It will become an issue with claiming it as a tax deduction? I should still be able to claim as deduction? How can I draw money out?
I track my profit/loss and trading activities on a spreadsheet, I know exactly what is happening with each trade. And besides that, Comsec also has pretty good statements that are downloadable (Iím sure the guys here that use Comsec already know this).
I still havenít taken any money out for personal use because Iím not sure what will happen to interest payments/tax deductions. Iím really hoping to get some guidance so I can whack a chunk into the Ďbadí debt.