Getting back the stamp duty for investment properties after 6 months

[cocka2]

Hi All,

A friend of mine told me that if one buys a property for investment, one can receive back the stamp duty (in ACT) after 6 months of renting the property.

Could you please let me know if this is really the case and what was your experience?

Thanks,

 

[cimbom]

I think the stamp duty would be a tax deductible expense

 

[luckyone]

You put it against your income on your tax return, so you'll get back whatever your tax rate is. ie. if you pay $18,000 in stamp duty and your tax rate is 30% you'll get $6,000 back.

 

[Jamie M]

Yes, you can claim stamp duty on an investment property within the ACT.

There's no set rule on how long it has to be an IP before you can claim the stamp duty.

For further info - best to speak with an accountant.

Cheers

Jamie

 

[Rolf Latham]

Claiming a dedn at ones marginal rate is a lot different to "getting it back "

ta
rolf

 

[SYD]

You put it against your income on your tax return, so you'll get back whatever your tax rate is. ie. if you pay $18,000 in stamp duty and your tax rate is 30% you'll get $6,000 back.

Are you sure about that?

SYD

 

[luckyone]

Yep, did it last year and the year before. Only applies in the ACT.

 

[Marty McDonald]

Beacuse it's leasehold it can be claimed in the first year rather than over 5 years as per freehold. You pay additional land tax / rates as an ACT investor though so swings and roundabouts?