Ok ...being American you can guess I'm wondering about taxes. I've been to the ATO site and read as much as I can; but still want someone to give me a 'yes' or 'no' answer. In the States we enjoy something called an itemized deduction on income tax that allows for deducting the interest paid annually on a family home mortgage. I'm not seeing that in AUS--which will result in a huge tax liability when we buy a home in Melbourne. So am I correct in interpretting AUS tax law as NOT allowing a deduction for interest paid annually on the family home mortgage? (and let's assume its just a home--no work being performed in the home in a home office).

Thanks for everyone's help!

Ric