What interest can we claim for investment property?

Share88 · 发表于 2014-5-31 07:03:29

If we buy an investment property $500K, but borrow $530K to cover stamp duty and legal exp., can we claim the whole interest of $530K? Some people says we can only claim the interest of $500K. Anyone knows? Thanks.

golden100 · 发表于 2014-5-31 07:35:14

当然是530k

Share88 · 发表于 2014-5-31 07:46:44

golden100 发表于 2013-8-14 13:08

当然是530k
Thanks for your reply. But do you know where to find the info from ATO webpage?

golden100 · 发表于 2014-5-31 08:41:34

investment related expenses are claimable

Share88 · 发表于 2014-5-31 10:15:46

golden100 发表于 2013-8-14 13:26

investment related expenses are claimable
This is from ATO webpage:
What are you unable to claim?
You cannot claim any of the following:
stamp duty charged by your state/territory government on the transfer (purchase) of the property title
legal expenses including solicitors' fees for the purchase of the property (these are capital expenses)
Further information
Stamp duty and legal expenses may be included in calculating the 'cost base' of the property for capital gains tax (CGT) purposes. For more information, see the Guide to capital gains tax (NAT 4151).
For more information about legal expenses, see Rental properties – claiming legal expenses (NAT 71957).
End of further information
stamp duty you incur when you acquire a leasehold interest in property such as an Australian Capital Territory 99-year crown lease (you may be able to claim this as a lease document expense)
Further information
For more information ab

golden100 · 发表于 2014-5-31 10:44:49

误会了，我指的是$530k产生的利息.

Share88 · 发表于 2014-5-31 11:21:06

golden100 发表于 2013-8-14 13:51

误会了，我指的是$530k产生的利息.
I agree with what you said. But I just met a broker and he told me we can't claim the interest of borrowing funds used to pay off stamp duty, as the cost of stamp duty and legal fee is added to cost to work out capital gain tax.
Well, if that is the case, does that mean the interest of funds to pay stamp duty is added to cost as well?
I tried to search on ATO website, but could not find related info.