All Topics / General Property / Travelling costs

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  • Profile photo of mpjtmpjt
    Member
    @mpjt
    Join Date: 2009
    Post Count: 7
    March 25, 2011 - 10:30 am

      Hi everyone,

      I have a question about claiming the costs involved in inspecting an IP in onother state. Investor friends of mine
      have told me that they claim the costs of 2 trips per year to inspect their property including return airfare and 2
      nights accomodation per trip.
      Would this be correct or am i going to have problems with the tax man?

      thanks in advance 
     
      mpjt.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 27, 2011 - 12:53 pm

    That is generally wrong.

    You can claim trips to inspect your existing rental properties to the extent that they are trips to inspect the property (not holiday) and to the extent necessary.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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