i have bought an IP unit in the ACT, which was purchased OTP last year. Stamp duty was payable this FY (and paid) - but the settlement will be early next FY. When can I claim the stamp duty ? In the year I payed the bill or in the year I start renting out the IP
In the year it was incurred, depending on your plans at the time Tax Tip 136: Claiming Stamp Duty on Properties located in the ACT (Part 1) Tax Tip 136: Claiming Stamp Duty on Properties located in the ACT (Part 1) Tax Tip 137: Claiming Stamp Duty on Properties located in the ACT (Part 2) Tax Tip 137: Claiming Stamp Duty on Properties located in the ACT (Part 2)
Typical OTP (ACT) deductions in the period prior to settlement cant include deposit interest, stamp duty and sometimes deposit guarantee fees etc provided the intention is the immediately after settlement you intended to use the property as a rental property. If you intend to do that short term (ie 6 months then its an owner occupied property) I generally recommend a private ruling as it can limit these and some other deductions.
