I just bought an investment stamp duty on transfer - $20000 transfer registration fee - $4100 does the transfer registration fee form part of cost base like stamp duty or is it a purchase expense deductible over 5 years? Many thanks! Becky
Im not a tax guy, but suspect because its NOT related to the borrowing costs which is the 60 mths thing, it forms part of the Cost base ta rolf
It is a cost base expense, not deductible and not a borrowing expense. (assume it is not for the transfer of a lease)
If the property is NOT in the ACT then the duty will be a costbase element. If its in the ACT stamp duty is over leasehold and may be deductible ....
Paul, I was under the impression that as long as the ACT property is available for rent/rented immediately upon acquisition and your intention is to continue to rent it out then you can claim the ACT stamp duty as an immediate deduction in the financial year it was incurred. I am aware that you need to pro-rata based on your actual or expected future usage but I've never heard of apportioning it over 5 years...
mate i think its because you are responding to soo many posts and some detailed responses and ive noticed recently getting a lot of things wrong. just slow down the pace. take some time. you do know your stuff and people value that. but maybe dont respond to everything as it leads to errors. thats from one professional to another.
I'm slightly more professional and dont need to put others down to make myself feel better. I worked for a narcsist and regret that. I once thought i made a mistake but i was wrong. Hang me on a cross.
thanks you all for your helpful suggestions so essentially the transfer registration fee can be considered part of the overall stamp duty? If so I'll now have to go back and correct all my borrowing expense claims for previous properties and the associated breakdown over 5 years !! lucky enjoy fiddling around with numbers
