All Topics / Legal & Accounting / Tax Deductions – Refinancing

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  • Profile photo of ShreksterShrekster
    Member
    @shrekster
    Join Date: 2005
    Post Count: 4
    August 10, 2005 - 3:07 am

    I recently refinanced by investment loans with another bank and picked up a few costs for mortagge registration, loan establishment, govt search fees.

    Are these costs tax deductable or do they they get written down over a few years, or are they to be included in the property cost when I sell it to reduce my CGT liability.

    Thanks

    Profile photo of Mark UnwinMark Unwin
    Participant
    @markunwin
    Join Date: 2005
    Post Count: 35
    August 13, 2005 - 12:24 am

    Hi Shrekster,

    These costs are know as borrowing costs and are claimed over the life of the loan or 5 years (which ever is the shorter).

    Cheers,

    Mark Unwin
    Williams Partners Pty Ltd
    http://www.wp.com.au

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733
    August 13, 2005 - 9:42 am

    So…if your previous loan is only 2 years old then you can claim the other 3 years in your ‘next return’..plus tack on 1 yr of the 5 as Mark said of the new loan..

    REDWING

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    Profile photo of ShreksterShrekster
    Member
    @shrekster
    Join Date: 2005
    Post Count: 4
    August 15, 2005 - 12:37 am

    Thanks everyone.

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