Just a qucik question… I feel that the tax person I saw recently who did my tax might not have got all the deductions for our first investment property. Can these deductions that I feel I have lost out on be reclaimed at a later date, maybe next year, or should I chase up another property tax specialist to have a look now? And is the Mortgage Insurance and Stamp duty tax deductible in the 1st year or does that come into play when selling and offset a bit of the CGT? any help would be great…cheers
tuggerwaughHi tuggerwaugh,
You can amend your tax returns. I think you can amend the returns within 3 years.
I think Stamp Duty is included in the cost and therefore used for CGT calculations but Mortgage Insurance can be claimed as an expense over a period of 5 years.Call the ATO and ask them. As far as I know you can ammend for 5 years. You cannot deduct stamp duty. I've never had mortgage ins. so no idea.
I think you can amend your tax returns for up to 4 years. If there is something you missed, you cannot just claim it the next year, but must claim it in the year the expense occurred.
Stamp duty can only be claimed against the capital gain (except in ACT I hear?) but mortgage insurance is a borrowing cost and can be claimed over 5 years or the life of the loan, whichever is shorter.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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