Hi There
I am just wondering we you can claim settlement fees back for eg. stamp duty ect? is it after you have held the property for 5 years?
Also, I know improvements are not a tax deducation but what if you have to repaint a property because its tacky and flooboards need rebuffing????
Thanks
Hi there
No sure exactly what you mean “claim back settlement fees etc”.
If however you are referring to the general costs of purchasing i.e Contract stamp duty etc then you can add these to the cost base as well as any improvements when you are calculating CGT on an IP.
If i am way off the track please redefine your question and we will try and assist further.
Cheers
Richard Taylor
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Licensed Financial Planner. Ph: 07 3720 1888
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Originally posted by queengucci:Hi There
I am just wondering we you can claim settlement fees back for eg. stamp duty ect? is it after you have held the property for 5 years?
StampDuty….nope, see 007’s post; Bank Fees etc can be amitized over 5 years, or if you refinance before then they can be added into that FY and the new loan gets amatized
Also, I know improvements are not a tax deducation but what if you have to repaint a property because its tacky and flooboards need rebuffing????
If immediately after purchase……then consider it the cost of doing business and getting it to a rentable state;
If after 12 Months (you may be able to do it earlier, query your accountant though if I were you) then sure…IMO and what i usualy work too so i hope the above is correct
Thanks
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