Calling Dale
I understand that the travelling costs incurred in going interstate to purchase a property are classed as "purchase costs". If you have bought a property off the plan interstate (i.e. exchanged contracts) are the costs of travel and accommodation for final inspection and to organise installation of blinds etc tax deductible as you now "own" the property or are these still classed as puchase expenses.
Also, is the money paid for a Deposit Bond a purchase cost, a borrowing cost (depreciable over 5 years) or an insurance cost which one treats like an interest charge? Is the fee paid for a Bank Guarantee a borrowing cost or a bank charge or a holding cost and what is the difference?
Thanks for the assistance....
Donna L.
I understand that the travelling costs incurred in going interstate to purchase a property are classed as "purchase costs". If you have bought a property off the plan interstate (i.e. exchanged contracts) are the costs of travel and accommodation for final inspection and to organise installation of blinds etc tax deductible as you now "own" the property or are these still classed as puchase expenses.
Also, is the money paid for a Deposit Bond a purchase cost, a borrowing cost (depreciable over 5 years) or an insurance cost which one treats like an interest charge? Is the fee paid for a Bank Guarantee a borrowing cost or a bank charge or a holding cost and what is the difference?
Thanks for the assistance....
Donna L.