Hi all,
Is anyone able to give me some insight? I’m aware that you can claim LMI on an IP as borrowing costs over 5 years but how does it work if it was originally a PPOR then is turned into an IP within that time?
Also if you refinance, and are not required to pay it with the new lender due to CG, can you still claim the original amount paid with the old lender?
Have asked my accountant but have been waiting quite a while for an answer.Thanks,
R
RMAA
Email MeHave asked my accountant but have been waiting quite a while for an answer.
Might be time to change an accountant?
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Absolutely.
I’m on the lookout but the time of year has killed me for that.
We have some foreign investments that seem to have stumped them as well. Been waiting since Melbourne cup day for a response on that one.
Might be another direct call to the ATO is in order but then I’ve been waiting for them since Julyish too. 😜RMAA
Email MeIf you move in you can claim lmi on the remaining 5 years.
If you discharge the loan you can claim any remaining lmi unclaimed in that year of discharge.
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
Thanks for the reply Terry.
We discharged around Jan 15 but moved in during the 13/14 FY (passed the 2 years for amendments) and about to make IP so i’m guessing that we’ve missed out on the ability to deduct any of the lmi cost.
I wish my accountant had given us better instructions/advice.RMAA
Email MeThanks for the reply Terry.We discharged around Jan 15 but moved in during the 13/14 FY (passed the 2 years for amendments) and about to make IP so i’m guessing that we’ve missed out on the ability to deduct any of the lmi cost.I wish my accountant had given us better instructions/advice.
If it was less than 60 months since you took the loan and incurred the LMI then part of it may be deductible in the 2015/16 financial year – as long as it was rented at this time.
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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