Are there any costs associated with buying a home in Australia that are tax deductable?

Question

Converyancing etc etc?

Answer 1

Not for your own private residence. If its a rental property then these costs all get added to the cost base and become a "deduction" against the sale value when you eventually sell

Answer 2

Generally if costs are incurred in relation to the acquisition of capital assets, then those costs form part of the cost base of the assets.

Costs such as conveyancing, form part of the cost base of the property. Thus it will only reduce the capital gains when you finally dispose of the property.

What other costs associated to buying a home? I can't think of one now.... Hmm...Those borrowing fees to organise mortgage with the bank? Those ones you can amortise over 5 years.

It will be different if you are carrying on a business buying and selling properties (i.e. properties are your stocks and not your investment assets)

Hope the above helps. Ask again if not. If I see your question I'll answer more.