All Topics / Legal & Accounting / Invoice or receipt for tax return?

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  • Profile photo of mddedfmddedf
    Join Date: 2015
    Post Count: 43

    We are in the process of purchasing our first investment property, and we are wondering if the invoice of building inspection & buyer agent fee should be fine for tax return. Or do we have to ask for the receipt?

    Thanks in advance!

    Profile photo of TerrywTerryw
    Join Date: 2001
    Post Count: 16,213

    Buyers agent fees are not deductible, neither are building inspection costs. Both are capital expenses.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide)

    Profile photo of Jacqui MiddletonJacqui Middleton
    Join Date: 2009
    Post Count: 2,539

    As Terry has mentioned, not immediately tax deductible. If you ever sell the property these costs are factored in when determining the capital gain and thus the capital gains tax payable. Stamp duty and legal fees are also in this category.

    Jacqui Middleton | Middleton Buyers Advocates
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    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Richard TaylorRichard Taylor
    Join Date: 2003
    Post Count: 12,024

    However any costs incurred as a result of the financing of the property such as LMI, Bank application fees etc or legal fees charged for proving advice in relation to the mortgage documents are deductible.

    Be surprised how many buyers do not claim these costs. Course they have to be claimed over the correct term.


    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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