I wish to travel to Tasmania in early January.
The purpose of my visit will be to look at investment opportunities. This will take one day.
The other 9 days I will spend enjoying a holiday in Tasmania.
I need to be creative about how I can organise a meeting with investors/RE agents/investment advisors.
I wish to claim airfares and accomm for 2 nights as a tax deduction, but want to make sure this is allowable.I wish to spend only a few hours doing investor related activities – on 5th January.
Has anyone done something similar?
Has anybody got any ideas?
Voigtster??Should I be reeeaaaaaly careful with this!??
Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
keep everything documented in a journal and keep pamphlets of property that you looked at. Show all of this to your accountant at the end and they will be able to determine what is deductable.
We recently claimed an entire 2 week trip to NZ, but we visited agents and looked at property everyday and came back with a few written contracts to buy. I’m not sure if ours was claimable because we ended up buying a property. Nor sure if you can claim a trip if nothing was bought???
Any accountants??
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582any accountants able to advise on this? i’m planning a trip to nz and would love to claim it.
I dont believe you can claim any of the trip unless you are visiting an existing IP..
Doesnt matter if you bought 1 or 10 while you were there..I’m happy to be proved wrong though..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi there,
Redwing is right – I checked this with the ATO..
Cheers
MIKALA
Thank you Mikala and Redwing. Appreciate your info.
I will see my accountant and I am sure he will tell me tha same thing..Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Yes, I beleive that, generally, you cannot claim the trip if you are only looking at purchasing. It would be a capital expense, and could be claimed, possibly, against any capital gain on the sale.
However, if you have a few proeprties already and are in the business of property investing, then there may be possibilities.
If you had existing properties down there, then that would be a different story.
ps. I am not an accountant.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | 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
Why not have a holiday and just enjoy it?
Whats a holiday..is that like an extra long weekend or something? you wont survive long if you take those and how do you pay for them?
Wasp
**************************************************Its not what you earn but what you do with what you earn
Ouch WASP – that stings a bit…..
I have just gotta bite!
I don’t know what your experience of holidays is but it sounds like you don’t get to have many hols.
I am now at a place where I am starting to ease up a little on myself, and even better, can afford to, after 34 years of work and saving etc since leaving school at 15 years old.
I could go into details of my sad struggle but will spare you!
This will be our first hol since 1994, and I hope to enjoy it without my usual glance backwards at the budget.
I am quite happy to have my holiday and not get anything back from ATO.
Regarding the feeling of deprivation many suffer while watching their workmates and acquaintances spend money on holidays, cars, consumer crap etc, I know that feeling well.
My advice (not solicited but freely given anyway) is to start your journey early go hard – and enjoy the benefits as soon as you reasonably can.
Don’t keep going until you get wheeled into the nursing home, cos the $$$ are of no benefit to you then.
WASP I hope you acheive your goals sooner than am doing, and get a bit of a holiday before you are too ancient.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
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