Too taxing: reducing red tape

Cut compliance - Borrowing Costs Threshold to be increased

Currently if your total borrowing expenses are more than $100, the deduction is spread over five years or the term of the loan, whichever is less. i.e. $20 per year - to me this is immaterial and a waste of time to require a whole process to keep track off/carry forward this information. It adds time/cost to the client to do it correctly. I think we should increase this to say $10,000. There is no loss to the revenue, only a small timing difference that will save significant compliance costs.

Tags

Voting

2 votes
2 up votes
0 down votes
Idea No. 77