澳洲Australia property Timing of tax on stamp duty | Sydney

在澳大利亚


This is an enquiry on behalf of a friend who is about to embark on the property investment journey.

In the ACT, stamp duty is 100% deductible in the year in which it's incurred, because it's duty on a lease.

My friend is about to exchange- settlement is due in July.

In the ACT, stamp duty has to be paid before settlement (which, btw, can be a problem when you are borrowing 105%n and getting funds on settlement- but that's another story).

My friend wants to claim the duty this FY- but he's not sure whether he can claim it this year if he pays before June 30- or whether he has to wait until next FY, as the Stamp Duty is "incurred" next FY.

Any thoughts frm the experts please?  

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Hi

Yes, if he pays the cost before June 30 then he should be entitled to a tax deduction this year.

Dale  

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hi Dale, this 100% tax deduction isnt available for VIC in the same way as ACT is it?

Darren  

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Hi Darren

No, unfortuntaely, it isn't. Pity!!!! I could use it this year.

Dale  

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thanks Dale::(  

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Darren,
If you get a quantity surveyor to do report on Furniture & fittings then that portion of stampduty paid is deductable.

eg: Stamp duty paid divided by property price times deminishing value of F&F.

Is detailed & sometimes not worth it but if your tax agent can teach you do the workin out yourself so your not paying for your agent's time to do it could be a return for you.

Same principle for legal fees.

This right Dale?

Cheers Brenda:D  

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Hi Brenda

I think I must misunderstand you. Can you clarify your thoughts for me please?

Ta

Dale

Originally posted by Brenda Irwin
Darren,
If you get a quantity surveyor to do report on Furniture & fittings then that portion of stampduty paid is deductable.

eg: Stamp duty paid divided by property price times deminishing value of F&F.

Is detailed & sometimes not worth it but if your tax agent can teach you do the workin out yourself so your not paying for your agent's time to do it could be a return for you.

Same principle for legal fees.

This right Dale?

Cheers Brenda:D
Click to expand...
 

评论
Sorry Dale I'll give an example:
Property purchase $125k, Stamp Duty $3,162.50, Solicitors Fees $747.90.

If QS report says $1,238 Depreciation say for Curtains/drapes then that gets done at 22.5%. Therefore the stamp duty plus legals is $3,910.40 is divided by the purch price of prop times $1,238 is $38.72 or $39 rounded dollar.

The $39 is added to the 22.5% Curtains/drapes & named Curtains & Drapes (inc share of legals & st duty on F&F).

For the LVP the same except can put in as separate pool item.
eg LVP total for ip is $5000 then can claim $156 share of legals & stamp duty on F&F.

My tax agent at OBT in Gatton did it through several of my ip returns last year & I had heart failure till she explained it fully to me.

Stamp Duty & Legals are not claimable on the property but they are on the F&F within the ip.

Cheers Brenda :)  

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HI Brenda

Thank you for clarifying. I have done something similar with the purchase of farms in the long distant past, but, would not have applied the principle to IP's.

I'll have to think about the wisdom of such a tactic as at face value, I don't agree with your accountant.

I could be wrong though.

Dale  

评论
It does seem to be very small bikkies... accounting fees might not ecen cover the claimables?  
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