Wealth Package fees claimable?

[jackson]

Hi all

Just wondering if anyone knows, if part of the annual fee for the Wealth Package (Commonwealth Bank) is claimable from the tax department?

We took out a Wealth Package originally for a loan on our PPOR, but now have an IP within the same package.

First time lodging a tax claim for investment property, any help is much appreciated.

Cheers
Jackson

 

[mary&mat]

Hi Jackson,

We claimed when we were with them as I believed it fell under 'the cost of doing business'...hope I wasn't wrong!

(Check with your accountant!)



Regards,
M&M

 

[Propertunity]

First time lodging a tax claim for investment property, any help is much appreciated.

I hope you are not doing this yourself Jackson?
Since you stated that

took out a Wealth Package originally for a loan on our PPOR

the nice people down at the ATO could mount an argument that the fees should be at least split to some private (PPOR) and some investment (IP) perhaps?

I hope also that you have a depreciation schedule done by a QS?

Seriously, get an accountant to do this for you.

 

[bene313]

We took out a Wealth Package originally for a loan on our PPOR, but now have an IP within the same package.

More info on this please? As Prop stated the fee may be have to be apportioned.

 

[jackson]

Thanks for all comments.

What i was supposed to say earlier was, are we able to split the fee 50/50?

jackson

 

[syba]

Usually the fees will have to be apportioned. Eg if your PPOR is $300k and IP $100k, you can claim 25% of the package fee against your IP.