Is stamp duty on investment property deductible ?

quote:

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Hi

If I were to purchase an investment property with
no cash outlay using equity that’s already built
up in my home mortgage (or what’s normally known
as 110% finance ?), is the stamp duty of the
property (ie not stamp duty on mortgage) tax
deductible against income tax or capital gain ?

Obviously, the 2 camps of thoughts I surveyed are
splitted between:

a) deductble against income tax at end of first
financial year after the property is
purchased, and
b) deductible against capital gain when the
property is sold and if there is capital gain

So, who’s right and who’s wrong ?

Many Thanks
MCW

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Hi! I think so you can claim stamp duty on investment property amortised for five years. So for example you have paid stamp duty of $2000. You can $400 per annum for five years. please note that amount in the first year may change depending on when did you bought the property. You need to apply prorata. But please consult your accountant or ask tax office. I am not giving any advice.
Cheers,
virakl

Best Regards,

Viral Kanabar,