LMI Lenders Mortgage Insurance when selling

Stamp duty

My accountant said that the stamp duty i paid on purchase of this invest,emt property in Victoria cannot be deducted. Is that right?


And also how would it be for the landlord home and contents insurance.?
 
My accountant said that the stamp duty i paid on purchase of this invest,emt property in Victoria cannot be deducted. Is that right?

Correct. That was one of the numbers in Terry's CGT calc above.

Secondly, why don't you trust your accountant to give you the correct info?
 
Fyi i bought this home only this week and it was the first such experience i qm having.

What i meant was if the stamp duty i paid can be deducted at the next tax return?
Cheers
 
What i meant was if the stamp duty i paid can be deducted at the next tax return?

Stamp duty on the transfer of land will not be deductible against income, but will be deductible against the CG when sold.

Other stamp duty may be claimable - on LMI, mortgage stamp duty etc.
 
I will be travelling to Melbourne from tasmania to inspect my investment home . This is my first visit after i purchase (2 weeks only).

Which part can i claim here.

Will the property have settled by the time of your visit? And rented or at least available for rent? Otherwise I don't think you can claim anything as you can only claim in the course of earning income from the property. As Terry said, best check this with your accountant.
 
Leasing and Managing Authority in Property Managemnt

What is meant by "Security Deposit" that's mentioned in a Property Management Authority form? The form I am looking at says one calendar months rent.

Is this referring to the rental bond that a tenant has to make or something different?
 
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