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?  

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Tracy

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.
 

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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? :confused:
 

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