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You are here: QuickBooksForum.com.auForumSoftwareQuickbooksHow do you record stamp duty on the purchase of land?
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How do you record stamp duty on the purchase of land?
  • Chris
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How do you record stamp duty on the purchase of land?
« on: July 19, 2010, 03:57:39 PM »
I've recently purchased a property and I'm trying to figure out the best way to record the transaction in Quickbooks.  In particular, the payment of Stamp Duty.  Any suggestions?
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  • Carrie
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Re: How do you record stamp duty on the purchase of land?
« Reply #1 on: July 19, 2010, 04:08:33 PM »
It depends.  Whats the property for home or rent/investment.  What state is it in?  If in either ACT or NT for rental properities the stamp duty will be tax deductible as you don't technically own the land.  If anywhere else you should add to the value of the asset as it can be offset for capital gains purposes.
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  • Chris
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Re: How do you record stamp duty on the purchase of land?
« Reply #2 on: July 19, 2010, 04:31:27 PM »
The property is located in Victoria.  It is business real property and will be used to generate income.  As I've paid the stamp duty about a month after the initial purchase, I'm not sure how to record the transaction. 

From the reply, I gather I simply add it to the asset price ( I know it forms part of the capital base upon resale).
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  • Carrie
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Re: How do you record stamp duty on the purchase of land?
« Reply #3 on: July 21, 2010, 08:51:11 AM »
Thats correct, add it to your existing asset. 
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