All Topics / Help Needed! / Are engagement and percentage fees claimable?

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  • Profile photo of zen

    Hi All

    Wondering if the engagement fee of $1100 (GST inclusive) and commission or percentage fee 2.5% from agency such as:

    – Dream Design Do Property (Zak Ameer)
    – Metropole Property (Michael Yardley)
    – Binvested (Nathan Birch)

    Is 100% claimable back on tax?

    They do all the work for you and if settlement is successful with tenancy, we pay them the 2.5% from the value of the property they have successfully done on our behalf. Example, $400,000 at 2.5% = $13,411 claimable?

    Thanking you for your comments….

    Zen

    • This topic was modified 9 years ago by Profile photo of zen zen.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    No its not deductible at all as it is a capital expense (can be used to reduce CGT).

    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 BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 338

    ^^ what he said. Added to capital base for reduction of future cg like stamp duty.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of zen

    Thanks Terryw and BuyersAgent, appreciate your comments. Maybe I need to educate myself in doing things myself through Steve’s steps!

    Zen

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