澳洲Australia property Lending expenses | Sydney
在澳大利亚 Appologies for all the threads, I dont have much time to get organised before the auction on Saturday. I had a question about the solicitor/conveyancing fees. I remember last time I had this done it cost over $1000. But that was soliciting t I have been looking at units in Sydneys upper North Shore. Only in Ku-Ring-gai so up to Wahroonga. The area seems to offer good fundamentals, is very popular and in general seems to be a lovely place. My favoured location to buy I think is G
I understand that you can claim lending expenses (eg LMI, application fees) over 5 years after purchase of a property. But what if you sell the property in that time - do you continue to claim a portion after you've sold the property, or can you claim the "balance" in the last year or ownership? Or do you capitalise it for CGT calculations?
Just to correct you there I understand that you can claim lending expenses (eg LMI, application fees) over 5 years [/I].
It is in fact 5 years or the length of the loan whichever is the shorter. For a 3 year interest only term then the expenses are deductible over 3 years although proportionalised in the first year.
Hi Richard, thanks. Would I be right in saying that if you have, for example, a one-year interest-only and then variable for 24 years, that you could write off all the lending costs in the first year, as the first year (being on different terms) is considered a separate loan?
If not, then what happens if it was a 25 year term, I claimed Year 1 20%, Year 2 20%, then sold the property in Year 3? Can I claim the remaining 60% in that year, and if so, do I claim it against income or do I have to capitalise it? Or do I continue claiming 20% each year until it's all claimed, even though the property is now gone?