Legal costs in setting up wills - deductible?

Discussion in 'Accounting & Tax' started by johnnyb, 8th Jun, 2007.

Join Australia's most dynamic and respected property investment community
  1. johnnyb

    johnnyb Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    159
    Location:
    Hobart
    Hi All,

    We're in the process of setting up some wills and as it will probably cost a bit of money I thought I'd investigate whether any of it would be deductible. I suspect not, but as part of the process will include nominating a trustees for our trusts (in case we die) is there a legitimate way that we could somehow pass on some of the cost to our trusts?

    Thanks.

    John.
     
    johnnyb, 8th Jun, 2007
    #1
  2. Nigel Ward

    Nigel Ward Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    989
    Strictly speaking no - it's a personal expense. But if there's a significant component of tax advice AND the bill reflects that then you could claim that proportion...

    N
     
    Nigel Ward, 8th Jun, 2007
    #2
  3. johnnyb

    johnnyb Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    159
    Location:
    Hobart
    Thanks for confirming what I thought would be the case Nigel.

    John.
     
    johnnyb, 8th Jun, 2007
    #3