All Topics / Legal & Accounting / IP Deductions ??

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  • Profile photo of AM2778AM2778
    Participant
    @am2778
    Join Date: 2010
    Post Count: 48
    October 1, 2010 - 12:51 am

    I wanted to understand, what expenses towards the purchase of an Investment Property can be claimed as Tax Deductions:

    Stamp duty                             
    Registration of title                   
    Registration of mortgage          
    Mortgage insurance                  
    Conveyancing costs 

    cheers
    AM

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 1, 2010 - 12:54 am

    Not stamp duty, or legals – they can only be claimed as capital expenses when you sell. Borrowing costs can be claimed over 5 years -this would include LMI and I think maybe registration of title and mortgage – not sure on these.

    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 AM2778AM2778
    Participant
    @am2778
    Join Date: 2010
    Post Count: 48
    October 3, 2010 - 10:31 pm

    Thanks Terry.

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
    Post Count: 1,674
    October 6, 2010 - 2:06 am
    Terryw wrote:
    Not stamp duty, or legals – they can only be claimed as capital expenses when you sell. Borrowing costs can be claimed over 5 years -this would include LMI and I think maybe registration of title and mortgage – not sure on these.

    http://www.ato.gov.au/individuals/content.asp?doc=/content/00113245.htm

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