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Date Posted: Wednesday, July 24, 03:39:30pm
Author: Angus Sherlock
Subject: Re: Is Investment Property Stamp Duty tax deductable in ACT?
In reply to: Paul 's message, "Is Investment Property Stamp Duty tax deductable in ACT?" on Monday, July 22, 04:11:32pm

Thankyou for the question Paul.
1.The stamp duty on the property is deductible, since the property was purchased in the ACT.
2.Conveyancing costs are a capital expense and therefore not deductible.
3.If the borrowing costs were greater then $100, then they must be wriiten off over 5 years or the term of the loan, whichever is shorter. If less then $100, they are fully dedctible in the first year.

We do not use the eTax form, but I would suggest that the stamp duty expense go in sundry expenses, and the borrowing costs go in loan cost.

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