More IP to PPOR questions

[spectator]

Hi

Great forum.

I'm considering buying an IP in the ACT which we may later use as our PPOR. I have read that in the ACT, stamp duty for an IP is tax deductible in the year it is incurred as they are on a crown lease. Would there be a minimum requirement for how long you had to keep the IP as an IP to be able to claim this tax deduction?

I have also read that borrowing expenses such as LMI are deductible over 5 years or the loan term, whichever is sooner, but if you repay the loan before 5 years is up (say refinance) you can claim any remaining expenses in the year the loan is paid out. Would there be any minimum time limit here? What if the loan was repaid at the time it was no longer used as an IP (say I sell my own home and transfer that loan across because it is on a cheaper fixed rate) or after - could you still claim the remaining expenses?

Thanks in advance
Rob

 

[geoffw]

I'm considering buying an IP in the ACT which we may later use as our PPOR. I have read that in the ACT, stamp duty for an IP is tax deductible in the year it is incurred as they are on a crown lease. Would there be a minimum requirement for how long you had to keep the IP as an IP to be able to claim this tax deduction?

I don't knowe if there is a minimum- but I have heard of people claiming the deduction and moving in 12 months later.