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People don't form companies to invest in property, they form...

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Tarvold

18,806 Posts.

1208

02/05/24

07:42

Post #: 73620575
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Originally posted by 1stPrize: ↑

@Tarvold
corporates add up their gross incomes and then take away the costs and pay tax on the net amount.
individuals add up their gross incomes and then take away the costs and pay tax on the net amount.

the costs of a loan that is used for income producing purposes can currently be used to offset revenue by both corporates and individuals in a similar way to reduce tax paid.

you propose that only the individual taxpayer not be allowed to offset the loan costs of an "existing residential property" when a corporate taxpayer can still get the full deductions for that identical loan.

i would not support that proposal on the basis of fairness and equity.

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People don't form companies to invest in property, they form trusts so that the beneficiaries pay the tax.
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