Stampduty on IP

Viewing 6 posts - 1 through 6 (of 6 total)

tumu
Member
@tumu
Join Date: 2010
Post Count: 6
May 12, 2010 - 1:22 am
Can any one advise the stampduty of a IP and can it be claimed as expense. I heard that stampduty is higher incase of IP.
Cheers
Tumu
tumu
Member
@tumu
Join Date: 2010
Post Count: 6
May 12, 2010 - 1:23 am
Sorry, The place of IP is in Brisbane.
Cheers
Tumu
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
May 12, 2010 - 1:50 am
Hi Tumu
The stamp duty can't be claimed as an expense, no. However if you ever sell the property, the amount of the stamp duty is deducted from the profit before the capital gains tax is applied.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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VIC Buyers' Agents for investors, home buyers & SMSFs.
GP_investor
Member
@gp_investor
Join Date: 2009
Post Count: 6
May 12, 2010 - 5:38 am
Hi Tumu,
The Stamp duty for IP is marginally more than PPORs.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 12, 2010 - 10:12 am
GP marginally more dont think so… not in Qld anyway.
In Qld you can work on nearly 2.5 x what it would be for an owner occupied property.
Stamp Duty is added to the Cost Base when calculating CGT.
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 13, 2010 - 5:39 am
I think QLD is the only state that charges more stamp duty for an investment property
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au