Hi all,
I have a few questions about tax.
1. Does anybody know if bank fees related to an investment property are able to be claimed on tax?
2. Can items such as Property investing magazines and books be claimed? (education?)
Thanks.
Hi Blissy,
1. Bank Fees on the loan (monthly fees etc) are deductible. The borrowing costs at the beginning of the loan (application fees etc) are deductible over a full five year period.
As for bank accounts, it depends on the relationship between the property and the account.
2. Yes.
Dan
Great news, Thanks Dan.
5 years or the length of the loan if this is a shorter period i think i am right in saying Dan ?
Richard Taylor | Australia's leading private lender
Qlds007 wrote:5 years or the length of the loan if this is a shorter period i think i am right in saying Dan ?Thats for borrowing costs Richard. Monthly bank fees and yearly package fees etc can be claimed out right.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Not sure what you mean Marx?
Any bank fees incurred in relation to an investment property or an account used for investment/business should be able to be deducted (as would any expense related to investment/business)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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