Hi,
sorry I’m a bit unsure if I should claim these expenses at tax time or are they added to the cost base of the rental propertyProperty settlement costs – Bank loan costs, Conveyancer costs, Buyers advocate fees….
You should be able to claim for those expenses. Ask your accountant to verify first though.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
I would have thought that Buyers advocate fees would be added to the cost base for the property.
I would have thought that Buyers advocate fees would be added to the cost base for the property.
You are correct according to this; http://buyersagentguide.com.au/are-buyers-agents-fees-tax-deductible/
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Much thanks for the link
Cheers
Property settlement costs – depends what you mean – capital costs likely
Bank loan costs, = borrowing costs deductible over 5 years (or life of loan if shorter)
Conveyancer costs, = capital cost
Buyers advocate fees…. = Capital costscapital costs are not deductible, but they can be used to reduce CGT when selling
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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