Hi,
Looking at changing lenders/refinancing for my IP. Can i claim the fees again as a tax deduction mainly the "get out" fee from my current lender? (which is about $700 to end my current loan) And what other fees could i claim?
Thanks
You should be able to. Any fees related to the loan should be deductible. And any fees on the new loan too.
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
Any borrowing costs related to the IP would be claimable, but bear in mind that borrowing costs from your new lender (application fees, mortgage reg, legals etc) are deductible over 5 years, or the term of the loan, whichever is shorter. They are not all deductible in the year the expense is incurred, unless the borrowing costs are less than $100.
The break free should be claimable 100% in the year of the expense, as that loan will be finalised.
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