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Stamp duty deductions

Discussion in 'Accounting, Tax & Legal' started by NickM, 14th Jun, 2006.

  1. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    I have now been successful in obtaining a 2nd private binding ruling in relation to stamp duty being tax deductible on property purchased in NSW.

    The amounts of duty paid were $48K and $102K respectively.

    It relates to property that has to be subject to a lease.

    Unfortunately i cannot elaborate in the public arena but if anyone has further queries feel free to contact me directly.

    NickM
     
  2. talbashan

    talbashan Well-Known Member

    Joined:
    21st Sep, 2005
    Posts:
    58
    hi nick,
    what do you mean by 'subject to lease'?
    also, why would the private ruling mention a particular state?

    i have just purchased an IP in brisbane and would love to do the same :)
    can you offer any advise on approaching the matter.

    thanks,
    tal
     
  3. MrDarcy

    MrDarcy Well-Known Member

    Joined:
    13th Sep, 2005
    Posts:
    283
    Location:
    Sydney
    I'd say most forum people in NSW would have queries. If you cannot publish specific details I understand, but I'm probably not alone is wondering what this is really about. How about an example with names and numbers changed to give a hypothetical situation?

    You have thrown a tidbit to the forum here, we need a bit more !
     
  4. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    It is basically along the same lines of a stamp duty claim when purchasing an IP in the ACT.

    The ATO's initial response was no, but then after objecting and taking it up with the ATO's centre of expertise and some 6 months later, we were successful in obtaining a favourable reply.

    The property has to be leasehold to have a chance.

    NIckm