Hi there,
I know these questions may have been answered already, but I was wanting a straight answer (if there is such a thing) for the following.
1) To be able to claim travel, accommodation etc. when looking for properties to invest in, do I need to set up a part time property investing business? If so is this difficult to do?
2) We have just bought our first investment property. Do I need some sort of legal protection for my other assets if my tennant injures themselves at our property and decides to take legal action? Or does insurance on each property cover this scenario? I would hate for them to be able to come after everything I own.
Thanks,
Ian
1) Not really, but it may help. setting up a business name would have no effect. I think it would depend more on how you conduct your affairs, professionally in a business like manner. Which would be hard if you only had 2 or 3 properties. Usually you cannot claim travel for a property you don’t own, but if using a trust then maybe.
2) Its too late now. Maybe you could use a trust to acquire your next one. Insurance should cover you, but you never know.
ps I’m not an accountant.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
