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From: Anonymous
I used PIA to help with the purchase of my last IP and I was just updating PIA with the actual, final figures. I am a little confused with a couple of items as to whether they fall into the Conveyancing Cost Category(of Purchase Costs....and hence not immediately deductible) or if they are Loan Costs(and therefore deductible over 5 years). ie. things like my wife went guarantor on the loan(to keep it in my name)and the lending authority insisted as part of the loan approval that she received INDEPENDENT legal and financial advice(for which we had to pay for). Is this type of thing considered to be a Loan Cost? While in PIA there is a great list of example Loan Cost Components, the category of 'Conveyancing' in Purchase Costs seems a little general. Is there a definitive description somewhere(ATO Web??) that I can get some of these items clarified?
I used PIA to help with the purchase of my last IP and I was just updating PIA with the actual, final figures. I am a little confused with a couple of items as to whether they fall into the Conveyancing Cost Category(of Purchase Costs....and hence not immediately deductible) or if they are Loan Costs(and therefore deductible over 5 years). ie. things like my wife went guarantor on the loan(to keep it in my name)and the lending authority insisted as part of the loan approval that she received INDEPENDENT legal and financial advice(for which we had to pay for). Is this type of thing considered to be a Loan Cost? While in PIA there is a great list of example Loan Cost Components, the category of 'Conveyancing' in Purchase Costs seems a little general. Is there a definitive description somewhere(ATO Web??) that I can get some of these items clarified?
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