Hi, I'm undertaking my own tax return using eTax and there's a few questions I have that are still not quite clear. Would love it if people could contribute and/or clarify my answers. Maybe even add your own questions.
Q. Loan establishment costs
A. Deductible over 5 years (includes LMI, Stamp duty on mortgage, establishment fees, Settlement costs?)
Q. Fixed loan break costs from IP refinance
A. 100% deductible in the year that they are charged.
Q. Loan Discharge fees from IP refinance (Deferred establishment costs, settlement attendance etc)
A. Deductible
Q. Government Stamp Duty
A. Non-deductible
Q. Interest incurred on Stamp Duty
A. Deductible
Q. Interest incurred on Loan establishment costs (LMI etc)
A. Deductible
Q. Renovations that are not repairs, e.g. replacing carpets with floorboards.
A. Non-deductible capital expenses (Added to house cost base, CGT implications when sold)
Q. Structural renovations, e.g. a new Bedrooms, Bathrooms, Kitchens, Garage, pergola
A. Depreciated at 2.5% over 40 years?
Q. Subdivision costs on existing IP (surveyor fees, application fees, council fees)
A. All costs fully deductible.
A stretch perhaps?
Q. Interest incurred on PPOR as a result of using funds from offset account for IP
A. ?
There may be more but that's a good start.
Cheers,
Gooram
Q. Loan establishment costs
A. Deductible over 5 years (includes LMI, Stamp duty on mortgage, establishment fees, Settlement costs?)
Q. Fixed loan break costs from IP refinance
A. 100% deductible in the year that they are charged.
Q. Loan Discharge fees from IP refinance (Deferred establishment costs, settlement attendance etc)
A. Deductible
Q. Government Stamp Duty
A. Non-deductible
Q. Interest incurred on Stamp Duty
A. Deductible
Q. Interest incurred on Loan establishment costs (LMI etc)
A. Deductible
Q. Renovations that are not repairs, e.g. replacing carpets with floorboards.
A. Non-deductible capital expenses (Added to house cost base, CGT implications when sold)
Q. Structural renovations, e.g. a new Bedrooms, Bathrooms, Kitchens, Garage, pergola
A. Depreciated at 2.5% over 40 years?
Q. Subdivision costs on existing IP (surveyor fees, application fees, council fees)
A. All costs fully deductible.
A stretch perhaps?
Q. Interest incurred on PPOR as a result of using funds from offset account for IP
A. ?
There may be more but that's a good start.
Cheers,
Gooram