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Property

  • Written by NewsServices.com

Did you know that property conveyancing fees are tax deductible if you’re buying an investment property in Australia? Investing in the real estate market is usually a very expensive undertaking, so it can be worth exploring whether you can claim any tax deductions to recoup some of your earnings.

Investing in the property market can be a great way to grow your wealth with a shrewd investment, but obviously in most cases it involves a significant initial outlay. It’s worth noting that as an Australian property investor you may be eligible for certain tax deductions for services such as property conveyancing.

Current indications show that while the Australian property market initially faltered in 2020 and looked set to go into free fall, it instead grew from strength to strength. Since the start of 2021, many Australian capital cities have seen a substantial upswing in their residential property market prices as people increasingly move to invest in the property market.

If you’re in the process of investing in the property market, you’ll need to enlist the help of a reliable property conveyancer to assist you with the legal requirements of buying real estate. An experienced conveyancer can ensure that their clients are able to avoid any costly issues or delays that might arise during the settlement period and help clients to satisfy the legal requirements that are a necessary part of buying a property. Looking for reliable expert property conveyancer? Jim’s Property Conveyancing now have offices in Melbourne

Are property conveyancing fees tax deductible if I’m buying or selling an investment property?

Yes, broadly speaking any legal fees incurred in the course of renting out an investment property can be claimed as a tax deduction. Legal expenses, such as property conveyancing fees that have been incurred during the management of an investment property, such as issues to do with the lease, are considered to be part of maintaining the property and are therefore considered a tax deductible expense against the rental earnings that have been received.

Property investors are only able to claim tax deductions in situations during which their property has been tenanted or available for rent. A landlord must be able to demonstrate that the expense being claimed was for legitimate business purposes.

Are property conveyancing fees tax deductible if I’m buying or selling my principle place of residence?

Unfortunately, you can’t claim property conveyancing Melbourne fees as a tax deduction when it’s associated with buying or selling a property that is your principle place of residence.

What will a property conveyancer assist me with?

Property conveyancing is the legal process of transferring property ownership from one person or entity to another. If you are buying or selling a property you will need to enlist the help of a property conveyancer to ensure all the legal formalities are completed correctly and that the Contract of Sale has been checked and verified and any amendments have been made to ensure that the document represents your best interests. Conveyancing requirements vary between the different Australian states and territories, but amongst the main roles that a conveyancer will perform are:

  • * Complete and lodge all relevant documents;

  • * Search the Certificate of Title;

  • * Search for anything that may affect the property such as encumbrances or easements;

  • * Research zoning, titles and rates;

  • * Liaise with the purchaser's conveyancer regarding settlement;

  • * Ensure that all special conditions in the contract are fulfilled before settlement takes place; and

  • * Attend settlement on your behalf.

How much does property conveyancing usually cost in Australia?

If you’re looking at hiring a property conveyancer, it’s always advisable to go through a reputable longstanding business with licensed conveyancers and a supportive framework in place, such as Jim’s Property Conveyancing. The cost of hiring a property conveyancer can vary depending what type of real estate it is, and the total value of the property. Generally speaking, the total cost of hiring a conveyancer through Jim’s Property Conveyancing Brisbane ranges between $700 and $1500 in both Melbourne and Brisbane, with possible additional charges for disbursements ranging between $150 to $500.

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