From: Jenny F
Hi, I own an IP in the ACT. I read a previous post which stated that, unlike other states, in the ACT purchase costs (stamp duty and conveyancing) are tax deductible in the year of purchase rather than being deductible only against any capital gain when selling.
I have not found this post again, although fortunately I printed it - it was from Bob on 18 Sep 00. I also noted that in the PIA Professional Personal software Ian states the same thing in the help file entry re purchase costs:
From PIA, "In most cases, these purchase costs are only deductible when calculating any capital gains tax liability at the time of sale. In others (e.g. in the A.C.T.), they are deductible in the year of purchase. Check with your local accountant."
In discussing this with my tax agent, he says he has searched but cannot find any reference to this fact to confirm it for me. Not wishing to claim incorrectly, can anyone refer me to an authoritative site or source where I might confirm (or deny) this? Alternatively, a tax agent or accountant in the ACT who might be able to help?
Thanks in anticipation
JMF
PS Great site - like the new format much better and is much faster too
Hi, I own an IP in the ACT. I read a previous post which stated that, unlike other states, in the ACT purchase costs (stamp duty and conveyancing) are tax deductible in the year of purchase rather than being deductible only against any capital gain when selling.
I have not found this post again, although fortunately I printed it - it was from Bob on 18 Sep 00. I also noted that in the PIA Professional Personal software Ian states the same thing in the help file entry re purchase costs:
From PIA, "In most cases, these purchase costs are only deductible when calculating any capital gains tax liability at the time of sale. In others (e.g. in the A.C.T.), they are deductible in the year of purchase. Check with your local accountant."
In discussing this with my tax agent, he says he has searched but cannot find any reference to this fact to confirm it for me. Not wishing to claim incorrectly, can anyone refer me to an authoritative site or source where I might confirm (or deny) this? Alternatively, a tax agent or accountant in the ACT who might be able to help?
Thanks in anticipation
JMF
PS Great site - like the new format much better and is much faster too
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