How do I go about doing this?

I am not sure, but I think that unless there is an income from an investment you can’t make a claim for a tax deduction. This is probably why there are no tax deductions on vacant land that has no income I suspect.

If you were to buy an I.P that produced an income in the same financial year as the literature that you bought, then I think you can make a claim for them.

Personally, I have spreadsheets and software to track my I.P’s (I like to look at the spreadsheets so I run both types of records). All my literature is recorded and I hand the records to the accountant at the end of the year. I have been doing this for quite a while, and he has never questioned the expense or asked me what it is about, or said it is not allowed.

So, being basically lazy, I haven’t asked him if the claims are, or are not valid – I just assume they are. I am not too concerned as I buy the books anyway because I like to read them and the expense is not that high.

But you should check with your accountant.

Cheers,
Marc.
[email protected]

“we get sent lemons; it’s up to us to make lemonade”

Marc

You can certainly claim interest on vacant land – in certain circumstances. But I think you are correct with the other. If the expense has no relation to your current job or business, then you cannot generally claim. eg. if you are a hairdressor and study to be a cook, this cannot be claimed. Same with investing, if you want some shares, but haven’t got anyyet, then I think you could not claim expenses.

Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.