All Topics / Help Needed! / Stamp duty and tax deductions

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  • Profile photo of Rebecca1981Rebecca1981
    Participant
    @rebecca1981
    Join Date: 2020
    Post Count: 1

    I have 2 questions.

    I’ve made an offer on 2 units under one title. Both are currently rented out. I plan on moving into the front one within 12 months. Can l qualify for the concessional rate for stamp duty?

    During the time while both are rented out if l do any renovation. E.g fence, paint and face-lift, will l be able to claim this as a tax deduction even though my intention is to live in the front one within 12 months?

    Any advice will be appreciated.

    Rebecca

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

    This must be a victorian purchase?? Off the top of my head you would get the owner occupied rate if you intend to live in the property and actually live in it.

     

    Fences are not deductible. This would be capital works, same with the paint. You could merely depreciate them at 2.5% pa over 40 years.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

Viewing 2 posts - 1 through 2 (of 2 total)

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