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The new loans have been established with the extra funds going into an empty account (that pays no interest).
I have an appointment to see my financial planner in app ten days.
Would there be any ramification in regards to tax deductability if I was to pay those extra funds back into their loans & do a redraw at a later date?
My thinking is that there will be no extra Interest if it gets paid back into the loan & a redraw would be regarded as a new loan
though
the doc's I signed said that the funds were for investment purposes only, would that matter if I was to pay the funds back into the loans?
Any thoughts?
Thanks.
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gad
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