Open space levy - claim back ?

Discussion in 'Development' started by Keentolearn77, 29th Apr, 2020.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

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    Hi
    When one has had to pay an open space levy for a subdivision.
    Is one able to claim that cost at tax time, or is it something that is added to the cost base....
    Cheers
     
  2. Hamish Blair

    Hamish Blair Well-Known Member

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    I believe it’s added to the cost base
     
  3. Terry_w

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

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    Is the property held on capital or revenue account?
     
  4. Keentolearn77

    Keentolearn77 Well-Known Member

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    I have no idea :) - its neg geared if that kind of answers things
     
  5. Terry_w

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

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    You had better get some advice if you don't know that! basic stuff
     
  6. Keentolearn77

    Keentolearn77 Well-Known Member

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    shall do, I'll ask my accountant - i was thinking that applied generally for businesses and not for someone with an investment property
    cheers
     
  7. Terry_w

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

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    If it is an investment property then it would be on capital account - generally - and that cost would be a capital cost.
     
  8. Keentolearn77

    Keentolearn77 Well-Known Member

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    Thanks Terry :)
     
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