Discharge fee?

[gad]

Hi

I bought a unit in Nov 2001.

On 20th Feb 2006 I refinanced with another lender.

I have been charged a $715 discharge fee by the original lender.

I have also paid $168 to the Registrar General (RG).

As well as the outstanding amount of borrowing costs, do I also claim, in my tax return, the discharge fee this year as that loan has been discharged within the five year period?

Do I now deem the $168 RG's fee as a borrowing cost & claim that amount back over the next five years?

Thanks

 

[Rolf Latham]

Hiya

The discharge I reckon is a clear now deductible, since it relates to the old loan, the 168 was this a mortgage discharge or mortgage reg ?
ta
rolf

 

[gad]

G'day Rolf

Aussie Home loans charged me the $715 discharge fee & was added to the payout figure.

I refinanced with ME & in their statement to me:
Cheque - NavraInvest LTd $x
Cheque - Aussie Home Loans/Teletec $215
Cheque - Perpetual Limited $x
Cheque - Registrar General $168

So I'm presuming the RG's is a borrowing cost, I have no idea what the $250 to Aussie was for as Aussie had already charged the $715 discharge fee.

Thanks

 

[kph]

Registrar General is to register the mortgage on the title.
Its a capital expense.

kp

 

[Mry]

If its a cost involved in getting the loan, its a borrowing expense that you can write off over 5 years. If its a mortgage registration fee, its a borrowing expense.