- Hello ,
NEED YOUR ADVICE/KNOWLEDGE please if I may. I own an investment property in Adelaide. In March, I drove from Sydney to Adelaide with the sole purpose of conducting an inspection on the property after some recent work. I drove my vehicle down there and will be claiming accomodation cost etc.
Issue 1 :
I lease a vehicle. It is salary sacraficed through my employer.Issue 2 :
I understand I already receive a tax incentive for doing this.
QUESTION :
Can I claim the 1400kms each way from Sydney to Adelaide ? Or is that considered double dipping. I used the vehicle, I pay for it, I pay for petrol.
Can someone clarify it for me please before I make a fool of myself with my accountant next month.
in a nutshell can you claim vehicle expenses on salary scaraficed lease vehicles when visiting investment properties.
Thanks guys…..
__________________
ParraBoyRather have a crooked neck for aiming too high than a hunched back from aiming too low
Yes, it would be double dipping. (I've already asked my accountant that question.) I'm already getting a tax benefit by salary sacrificing *all* of my vehicle expenses, which is way better than just claiming the kms to and from rental properties. I would have flown
and hired a car over there – that would have been tax deductible – unless you needed the kms for FBT.interesting question and answer
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
parraboy wrote:Can someone clarify it for me please before I make a fool of myself with my accountant next month.Make a fool of yourself with your accountant. That's exactly what they are there for. I make a fool of myself with my accountant on a regular basis (and pay a decent price for the privilege). Having said that, my accountant saves me a bundle every year.
Cheers
K
By salary sacrificing, you didn't pay tax on the expense, therefore there is no tax to claim back.
and hired a car over there – that would have been tax deductible – unless you needed the kms for FBT.
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