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tax deductibility

Discussion in 'Accounting & Tax' started by cheekykoon, 14th Oct, 2015.

  1. cheekykoon

    cheekykoon Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    113
    Location:
    Sunnybank
    Hi, as with normal bank practise, bank disburse loan amt say total $400,000.

    Bank is then authorised to deduct the stamp duty and transfer fees plus other fees from the total amount. Eg stamp duty - $15,000.

    Nett amount will be used for settlement. Do I get tax deduction on interest cost for $400,000 or $385,000.

    If its the later, is there any way I can avoid? Eg, transfer the amt to the solicitor first before the bank offer?

    Pls advise.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    11,273
    Location:
    Southern Highlands NSW
    $400k if all the deductions relate tot he property and the property is available for rent,