Can you claim tax on b&p inspections and solicitor fees ?

Discussion in 'Accounting & Tax' started by HBK, 4th Dec, 2021.

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  1. HBK

    HBK Well-Known Member

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    When buying a house can you claim tax on the b&p inspection and the fee you pay the solicitor? Any every other fee that goes into it?
    If i pay for a lock rate etc can i claim that too ?
    Or can you only start claiming tax on things once the house settles and is yours ?
    Thanks
     
    HBK, 4th Dec, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    conveyancing and building inspection fees are generally capital costs and not deductible.
    Rate lock is a borrowing expense
    can claim before settlement potentially.
     
    Terry_w, 4th Dec, 2021
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  3. HBK

    HBK Well-Known Member

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    So nothing is really deductible only after it settles in my name can i start claiming back expenses?
     
    HBK, 4th Dec, 2021
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    no
     
    Terry_w, 5th Dec, 2021
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  5. HBK

    HBK Well-Known Member

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    Then ?
     
    HBK, 5th Dec, 2021
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Not initial repairs.
     
    Scott No Mates, 5th Dec, 2021
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  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Paul@PAS, 6th Dec, 2021
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