Join Australia's most dynamic and respected property investment community

Cost base

Discussion in 'Accounting & Tax' started by Gman22, 23rd Sep, 2015.

  1. Gman22

    Gman22 Member

    Joined:
    23rd Sep, 2015
    Posts:
    16
    Location:
    Sydney
    Hey all,
    Firstly i just wanted to say what a great site this is.
    Also I was wondering if anyone on here could help me find more information about selling an investment property and items i could add to the cost base and item i can claim against my taxable income.
    I have gone on the ato site but info seems to be generic and not as detailed as i'd like

    Thanks
    Gman
     
  2. There are multiple elements to the cost base. https://www.ato.gov.au/General/Capi...-cost-base-/?page=2#Elements_of_the_cost_base
    Examples :

    Property + Land Purchase Price
    Land - Purchase Price
    Building Construction

    Acquisition Costs - Do not include any costs for which a tax deduction has (or will) be claimed
    Legal fees to acquire
    Buyers Agent
    Broker (not loan broker)
    Auction fee charged to buyer
    Valuer / Surveyor
    Transfer of Title - legals
    Stamp Duty less FHOG
    Search fees on acquisition
    Bank title fees
    Mortgage discharge fees charged to buyer incl SOME break costs

    Costs of Ownership - For which a tax deduction has never been claimed
    Interest
    Rates
    Land Tax
    Repairs & Maintenance
    Initial repairs & later capital improvements :
    Insurance (Building only)
    Fencing
    Landscaping and horticulture
    Rezoning
    DA Fees
    Survey boundary
    Council fees
    Subdiv costs prior to subdiv sale

    Costs to Preserve Ownership
    Legals re Land & Enviro
    Council matters
     
    Perthguy likes this.