Interest

[krisbarry]

When borrowing money to buy shares incures interest... do you claim this from financial year to year or only on the year that the shares have been sold.

This is where I stand...

I have boworred money to buy shares but I still hold them, and will hold them after June 30th. Do I need to deduct the interest charged to me on this years capital gains or only when I sell them do I calculate the total interest.

 

[Investor]

Deduct interest expense this financial year against taxable income.

CGT requires a separate form. Tax Pack and the supplement for CGT will have the details.

 

[krisbarry]

Thanks, much appreciated.