All Topics / Help Needed! / Bank Account Fees Tax Deductable?

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of RyanJDRyanJD
    Member
    @ryanjd
    Join Date: 2011
    Post Count: 77
    October 27, 2012 - 3:52 am

    Howdy,

    Just a quick question. My offset account is linked to a normal bank account where i am charged a monthly fee.

    The only reason I have this account is to use it as an offset account for my IP.

    Does this mean i can claim the monthly account fee as I'm using the account as an offset account for my IP?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 27, 2012 - 4:02 am

    Yep

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of RyanJDRyanJD
    Member
    @ryanjd
    Join Date: 2011
    Post Count: 77
    October 27, 2012 - 4:05 am

    Thanks for the quick reply Terry!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 27, 2012 - 10:35 am

    Ryan, also don't forget any borrowing costs such as lenders application, valuation fees, mortgage insurance are all deductible expenses.

    Normally deductible over 5 years or the term of the loan whichever is the shorter.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.