Hi ATO Community.
I recently refinanced an investment property loan (mortgage), incurring various costs as listed below.
I'd like to know how to treat each item in my tax returns. Are they all immediately deductible or should any be capitalised, added to the cost base or spread over a period of several years?
The cost items were as follows
- State Land Titles Registration Fee
- MSA National Esign Fee
- MSA National PEXA Fee
- MSA National Title Search Fee
- MSA National Additional Security Fee
- MSA National Agent Fee
- MSA National Bank Cheque Fee, Bank Fees and Charges
- MSA National Cross Border Mortgage Fee
- (Lender) Loan Establishment Fee
- (Lender) Settlement Fee
- (Lender) Valuation Fee
- (Previous lender) Discharge Fee for old loan
I'd like to know how to treat each of these in tax terms please.
Given the huge surge in refinancing happening at the moment, perhaps ATO could give some thought to a single simple guide document on how to treat these?
(And if there's one already, thanks but I couldn't find it in searching, so could you please direct me?)
Any guidance much appreciated, thank you.
I also got a cashback, but from reading other posts on this forum it seems like that doesn't need to be declared as income.
IK
BTW I could not get keywords to work when trying to post this question
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