Hi Folks,
In the 2007 Financal Year, I have incurred costs in purchasing the trust deed for our Hybrid Discretionary Trust (HDT), and also incurred stamp duty on the Trust deed. Properties were purchased in the name of the HDT in 2008 Financial Year.
I have called up the Tax Office to ask whether the above 2 costs are tax deductible. I have mixed responses. One guys said the set up/deed purchase cost and the stamp duty is deductible over 5 years.
Another person said both costs are not tax deductible because the trust is NOT engaged in operating a business. I am confused!!
Are the costs tax deductible? and if so over how many years?
Kind regards,
PM
In the 2007 Financal Year, I have incurred costs in purchasing the trust deed for our Hybrid Discretionary Trust (HDT), and also incurred stamp duty on the Trust deed. Properties were purchased in the name of the HDT in 2008 Financial Year.
I have called up the Tax Office to ask whether the above 2 costs are tax deductible. I have mixed responses. One guys said the set up/deed purchase cost and the stamp duty is deductible over 5 years.
Another person said both costs are not tax deductible because the trust is NOT engaged in operating a business. I am confused!!
Are the costs tax deductible? and if so over how many years?
Kind regards,
PM