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Question on claimability of IP refinance costs.

Discussion in 'Accounting, Tax & Legal' started by gad, 12th Apr, 2006.

  1. gad

    gad Well-Known Member

    Joined:
    5th Sep, 2005
    Posts:
    150
    Location:
    Canberra
    Hi Guys

    Just recently re-financed an IP with another lender.

    Come tax time do I claim things such as discharge fee's, Register General's fee ect as borrowing costs & claim them back over 5 years?
    Or does one claim these costs under something else?

    Thanks
     
  2. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    Hi Gad

    the costs to which you are referring would be borrowing costs and claimed over 5 years

    NickM
     
  3. gad

    gad Well-Known Member

    Joined:
    5th Sep, 2005
    Posts:
    150
    Location:
    Canberra
    Thanks NickM
    Very much appreciated.
     
  4. Andrew

    Andrew Active Member

    Joined:
    16th Aug, 2005
    Posts:
    27
    Location:
    Moonee Ponds
    I was under the impression that loan fees were claimable over 5 years or the life
    of the loan, whichever is shorter. So shouldn't discharge fees be claimable in the
    year they are incurred?

    andy
     
  5. Rolf Latham

    Rolf Latham Well-Known Member

    Joined:
    15th Aug, 2005
    Posts:
    45
    Location:
    Gold Coast and Sydney
    Hiya

    Id punt the shorter.............but Im not a tax specialist, so please take note of them !

    ta
    rolf