Hi all,
[blink]I have been reading alot on this forum, and notice that many of you have recommended “Trust Magic” and “Tax Battles” and steves “Wealth Guardian” – for information on taxes, and trust/financial structuring etc.We are reasonably new to property investing, yet to purchase our first i/p, but want to learn all we can, and do it as right as we can the first time and definitely go in with our eyes fully open to all aspects!
As we have not purchased an i/p yet, does anyone know if we are able to claim the purchase price of these investment information aids/books as a tax deduction (as using them to manage our financial affairs???), or can these and other books only be claimed as a tax deduction after the purchase of a property??? (If latter – then isn’t that too late if you;ve put the property in the wrong names etc for your circumstance???)
Also, is there any other books or information that anyone can recommend for those of use just learning and ‘still wearing “L” plates’???
Thanks all, really appreciate everyones input on this site, makes it a terrific and informative read!![thumbsupanim]
Lambsie
Hi Lambsie,
From my armchair amateur knowledge, I think you need to have purchased an investment property to claim the dedustions of books/courses, etc. Just see it as a small cost to investing to save you big costs when you do eventually purchase an investment property.
Good luck,
Regards,
Gatsby.Lambsie,
Eligibility for deductions (self-education) is that you can claims deduction for those expenses
a. in which maintains or improves skills/knowwledge that you exercise in your current income earning activities
b. more likely to lead to an increase in income from your current income earning activitiesIf you have not started investing, then the expenses you metion would be deemed to result in new income earning actvities, and therefore are incurred too early to be regarded as being incurred in gaining or producing assessable income
With regards to books, do a search on this site as there are many posts which indicate best books and their respective ratings from the reader/poster.
James
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