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Raj13(Newbie)Newbie
28 Oct 2021

I bought house in november 2020 as investment property and has been rented since then. In tax return can I claim deduction for following government charges at settlement: a) Registration on transfer of land b)Registration of Mortgage ) c) registration of discharge of Morgage d) title search fee. If i can then I deduct them in one tax return or I have to split it into 5 years like LMI ?

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Bruce4Tax(Taxicorn)Taxicorn
ATO Certified Response28 Oct 2021

These are all capital costs, and so form part of the cost base of the property for capital gains tax. You could say that the deduction comes at the end when the property is sold. Mortgage discharge is a borrowing expense - but could have been cancelled by an adjustment at settlement. In ACT, stamp duty on purchase is deductible on purchase - because property is a leasehold there. There is one exemption

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Most helpful replyATO Certified Response

Bruce4Tax(Taxicorn)Taxicorn
ATO Certified Response28 Oct 2021

These are all capital costs, and so form part of the cost base of the property for capital gains tax. You could say that the deduction comes at the end when the property is sold. Mortgage discharge is a borrowing expense - but could have been cancelled by an adjustment at settlement. In ACT, stamp duty on purchase is deductible on purchase - because property is a leasehold there. There is one exemption

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