All Topics / Legal & Accounting / Is LMI tax deductible?

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  • Profile photo of salacioussalacious
    Member
    @salacious
    Join Date: 2003
    Post Count: 373
    October 2, 2006 - 11:28 pm

    Hi,

    And could someone tell me is stamp duty tax deductible in QLD on an IP.

    Thanks
    Dom [biggrin]

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 3, 2006 - 5:38 am

    Stamp duty on the land is not deductible. I beleive LMI, and stamp duty on the mortgage and stamp duty on the LMI premium are all considered borrowing costs and should be deductible over the term of the loan or 5 years, whichever is shorter.

    Terryw
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    Parramatta
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    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 3, 2006 - 10:04 am

    Stamp Duty charged on the Contract Price is added to the cost base for CGT purposes and is not deductible over the term of the loan.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner.
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    Richard Taylor | Australia's leading private lender

    Profile photo of THEHEATHTHEHEATH
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    @theheath
    Join Date: 2006
    Post Count: 27
    October 10, 2006 - 6:45 am

    Awesome, I never realised this.

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