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what is claimable?

Discussion in 'Accounting & Tax' started by bonanzawealth, 18th Aug, 2015.

  1. bonanzawealth

    bonanzawealth Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    58
    Location:
    Sydney NSW
    So reading this forum has provided me with lots of knowledge and opens up more question in my mind. Can the experts please clarify if these are correct?

    Purchase cost: (Claimable when selling the property)
    Stamp Duty
    GST
    Legal Fees
    Dispersments
    Building Inspections
    Registration of Title

    Borrowing Costs: (Claimable in non-cash deductions in 5 years spread)
    Mortgage Stamp Duty
    Mortgage Insurance
    Stamp Duty on Mortgage Insurance
    Loan Application Fee
    Valuation fee
    Search Fees
    Registration of Mortgage

    Where does the cost of getting depreciation schedule sit? is it in property expenses or purchase cost?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    13th Jun, 2015
    Posts:
    5,569
    Location:
    Adelaide, SA
    Depreciation schedule cost is tax deductible in your first tax return
     
    Depreciator likes this.
  3. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    102
    Location:
    Australia
    Neither, in terms of the categories that you're talking about above. It's an expense incurred in managing your tax affairs and, as such, is claimable in the same way your accountant fees are.

    It is claimable in whichever financial year it's paid for.
     
  4. bonanzawealth

    bonanzawealth Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    58
    Location:
    Sydney NSW
    Owww! right right... that makes sense