All Topics / General Property / claiming tax on properties

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  • Profile photo of mrpropertymrproperty
    Member
    @mrproperty
    Join Date: 2005
    Post Count: 49
    June 19, 2008 - 10:33 am

    hi all , I was just wondering if anyone could give me advice on when tax can be claimed for the following ,
    if i just purchased a property and paid stamp duty can I claim it this financial year  or do i have to wait til when i sell the property???
    conveyancing – can i claim it this financial year or do i have to wait till i sell the property also???

    Profile photo of WJ HookerWJ Hooker
    Participant
    @wj-hooker
    Join Date: 2007
    Post Count: 272
    June 19, 2008 - 11:33 am

    Both when you sell

    Profile photo of WJ HookerWJ Hooker
    Participant
    @wj-hooker
    Join Date: 2007
    Post Count: 272
    June 19, 2008 - 11:47 am

    Actually,
                   Conveyencing? I haven't purchased for a few years now ( due to prices etc ) will need to look that up. Or someone else to jump in thanks.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 19, 2008 - 12:38 pm

    Transfer Stamp Duty is added to the Cost Base when calculating CGT on the sale.

    Mortgage Stamp Duty is a loan cost and hence deducted over 5 years or the term of the loan is shorter.

    Conveyancing costs in relation to the preparation of the mortgage documents are also considered a loan cost as as above.

    Richard Taylor | Australia's leading private lender

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