All Topics / Help Needed! / tax deductible expenses

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  • Profile photo of rpkimrpkim
    Member
    @rpkim
    Join Date: 2012
    Post Count: 1
    October 12, 2012 - 11:09 am

    Hi I am very new to IP, and am scouting around looking for my first IP, loads of mileage being in rural victoria, trips down to melb for accountant/investment advisors ect are these tax deductible?  Any other items i should be aware of in that way. thanks for the help. Pauline

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 12, 2012 - 12:48 pm

    No. Because you are looking for an IP and not yet purchased. Trips to an accountant may be deductible if it relates to your tax affairs.

    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

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post Count: 400
    October 12, 2012 - 2:44 pm

    Hi rpkim,

    Terry is correct. From the ATO website:

    http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00205421.htm&page=8&H8

    Once you do buy an IP, then travel to the property to collect rent, or for repairs and maintenance purposes is generally deductible.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

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