Having an IP, I can claim numerous expenses as a tax deduction, since they relate to the ongoing running costs of the IP.
But can I also claim for lesser things like investment magazines and copies of Steve McKnight's book (I bought two!)? And this leads me to ask; can I also claim for things like investment seminars etc?
But can I also claim for lesser things like investment magazines and copies of Steve McKnight's book (I bought two!)? And this leads me to ask; can I also claim for things like investment seminars etc?
Sure can. Well I know I have been Make sure you grab an invoice/receipt from the seminars.
Thanks Dan and Luke – I own a number of IP's in the UK and just moved to Oz so wondering about claiming 1 trip per year back to the UK to perform annual maintenance/inspections on the properties I own plus buy an additional one or two properties each trip…….I guess I can deduct against the properties I already have which means I still get the deduction.
Thanks Dan and Luke – I own a number of IP's in the UK and just moved to Oz so wondering about claiming 1 trip per year back to the UK to perform annual maintenance/inspections on the properties I own plus buy an additional one or two properties each trip…….I guess I can deduct against the properties I already have which means I still get the deduction.
However you must only go for the purpose of property inspection/maintaince to claim Travel expenses, no holidays allowed
If the main purpose of the trip is a holiday, you can’t claim the cost of getting there – you can only claim local expenses directly related to inspecting the property, such as taxi fares and part of your accommodation expenses.
If we select your travel expense claim for review or audit, you must be able to show your reason for visiting the rental property.
The records you keep, such as invoices for your accommodation or airline tickets, will help you do this. If you spend six or more nights away from where you live, you must keep a travel diary or similar document that shows the dates, places, times and duration of your activities and travel.
When in doubt, ask your accountant. There the ones with the expert knowledge in the area. My accountant has no issue with me claiming magazines/books – the private ruling also suggests that to be the case (it seems that this person doesn’t own any IPs at present and is wanting to purchase books for educational purposed before purchasing the asset).
Sorry to raid the thread, but can you claim the cost of replacing a fridge in a rental?
I assume this is expense in nature (rather than capital) because you are replacing something that was there before that did exactly the same job and doesn’t add value to the property.
I am guessing that this fridge is included as a part of your rental property!!
You need to confirm with your accountant (I am not qualified to give advice- insert disclaimer here) but I believe this is how it works:
Your old fridge would have a paper value (say $400). The old fridge is now not fit for use and so is now worthless (worth $0). Hence, you put the old fridge on the tip and claim the $400 loss as a one off deduction on your current years tax return.
Your new fridge can be depreciated over time over whatever life the ATO has decided applies to fridges (or whatever life span you can justify to the ATO).
yes, the fridge is included. The house is my PPOR but I have decided to move out and rent the rooms for a while. I left my fridge there. The fridge was given to me so I don’t have records of the original cost.
No problems about not having a record of the original cost- if you know the approximate ago, size etc you (or your accountant) can make a reasonable approximation of the value and base the deductions on that.
No problems about not having a record of the original cost- if you know the approximate ago, size etc you (or your accountant) can make a reasonable approximation of the value and base the deductions on that.
Cheers, Luke
Sorry about the typo- I meant if you know the approximate age, not approximate ago.
Serves me right for not proof reading before hitting "post"!!