All Topics / Legal & Accounting / Claiming travel for inspecting property

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of aussieguy2000aussieguy2000
    Participant
    @aussieguy2000
    Join Date: 2010
    Post Count: 81

    So the ATO has a great video about what you can and can’t claim for travel including holidaying and the works, and it is very informative, not something new that I don’t know.

    I do have a left field question about travel and I assume the answer won’t be in my favour (ATO nearly always has the odds stacked against you), however it is worth asking anyway. My wife and I own a couple of investment properties, and when we visit them, assuming we meet all the eligible criteria for claiming travel we do.

    Where it becomes grey, is that I own a property purely in my name, and as such I am the only one who can claim deductions for this property, does this also mean, as my family are not “owners” of the property, that their travel to inspect the property is not tax deductible? At the moment my son flies free and he soon will also be a cost. Is it possible to claim all or any dependants costs for the travel to inspect properties, or are only the owners who can claim deductions allowed to claim their travel?

    The long term solution is to add my wife to the property, but for now, can I only claim my own filght, or can I claim hers and/or soon to be our children’s flight costs?? Can you claim children’s flights ever for this purpose?

    Profile photo of D.T.D.T.
    Participant
    @dtraeger
    Join Date: 2014
    Post Count: 128

    Would only be deductible for yourself, not for the others that come along.
    You also need to portion out what parts of your trip are legit

    D.T. | DT Property Management
    http://www.dtproperty.com.au
    Email Me | Phone Me

    Adelaide Property Management - whole Adelaide metro

    Profile photo of aussieguy2000aussieguy2000
    Participant
    @aussieguy2000
    Join Date: 2010
    Post Count: 81

    Yeah it was just a weekend trip fly in Saturday, fly out Sunday, not a holiday in disguise, there are much cheaper ways to go to the beach than taking 2 flights each way to get there. Maybe next time I drive, take a couple of extra days and claim all my expenses (I’m not explicitly saying the family will be in the car, lol).

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I agree that costs for others won’t be deductible. I haven’t heard anyone suggest changing ownership just so that a trip could possibly be claimed…

    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 aussieguy2000aussieguy2000
    Participant
    @aussieguy2000
    Join Date: 2010
    Post Count: 81

    Yeah, your right Terry, that would be strange. I have not looking into it much and forgot that stamp duty exemptions for transfers for equal shares to a spouse are only valid on the PPOR. So unless we were to move into this property at some stage, that is not a likely option, though as the place is positively geared and has a decent capital gain if sold, if we ever were to move to the area I would definitely consider it.

    Still the stamp duty cost versus the capital gain split between two as opposed to just myself (with my wife currently at home with the kids) if we were planing to sell may be beneficial, that’s one for an accountant to do the numbers for me though, as I would hate to get it wrong.

    • This reply was modified 9 years, 8 months ago by Profile photo of aussieguy2000 aussieguy2000.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I have not looking into it much and forgot that stamp duty exemptions for transfers for equal shares to a spouse are only valid on the PPOR.

    This is not true for all states. If the property is in VIC you could be in luck.

    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 6 posts - 1 through 6 (of 6 total)

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