Buying a business - acquisition costs

[mrsdawnrazor]

I know when you buy a property, the acquisition costs are written off over 5 years, but is the same true when you buy a business? I am thinking of solicitors costs etc

I will ask my accountant next week but any help would be appreciated

 

[Terry_w]

Borrowing costs
s 25-25 ITAA 1997
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s25.25.html

 

[mrsdawnrazor]

Thanks Terry
Luckily we didn't have to borrow money to do this but had solicitors expenses etc. Just wondering if we can claim the whole lot on tax this year or it is apportioned.

 

[Terry_w]

Thanks Terry
Luckily we didn't have to borrow money to do this but had solicitors expenses etc. Just wondering if we can claim the whole lot on tax this year or it is apportioned.

Depends on what the solicitor costs were for. If for the conveyancing, then this would probably be capital costs.