ok I understand now, I just got a little confused as some people were just saying yup it is tax deductible without stating the extra information you have provided, so i wasn't sure wether by them not mentioning it meant that it doesn't apply.
Well I am going to go ahead with my plan, however with the information I have aquired now I think it would be prudent to allocate 5%-10% of my portfolio to dividend yielding shares so I can show at least some income from my investment.
Out of curiosity, does the same principle apply for buying vacant land? The 'intention' would be to eventually build and therefore receive income however really you just wanna sell it in 7 years for a capital gain.
Anyway, in both cases, I'm sure many people claim interest as a deduction anyway and throw caution to the wind regarding trivialities of 'intention' to receive dividends.
thanks for all the info, I really do appreciate your time & help.
p.s - so do you know a good tax accountant in melbourne?
