I am interested to know if you can cliam investment books like Steve’s Wealth Guardian and 0 to 130 properties in 3.5 years as a legitimate tax deduction.
Thanks in advance
You can only claim the book if you already have an investment property
you cannot claim it if u use it to buy an IPThanks for your reply Mensch.
I own a couple of flats and an office and I am just about to purchase another investment property, when I read the article on trusts and reference to Steves book.
Do the books have to be specific to educating you on investing or can they be anecdotal stories from property investors ie this is the way we made our fortune etc.
Thanks again
Investment related books in general are tax deductions.
Your last question goes into a bit of a grey area. I suppose you have to ask yourself if you did not run this investment business, would you have still purchased the book? If you wouldn’t have, then the purchase of the book was relevant to the business and is tax deductible. Best to confirm with your accountant though.
Andrew
http://www.rentmaster.co.nz
Software for LandlordsIf you are an investor you can claim educational expenses. If you are planning to be an investor you cannot.
Educational expenses must relate to your income producing activity. eg if you were planning to be a builder then any training is not deductable. However if you are a builder then ongoing education is…I hope this makes sense!
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Hey Guys
Well this is my situation. With settlement due on my first IP in November, I have spent thousands on books seminars etc, Which i knew i couldnt claim as i hadnt owned an IP yet. As i have set up a trust structure to buy Ip’s in i can now reimburse myself for the cost of the books seminars etc.
This is the understanding i have gotten from my accountant and a book on trusts i read.Still its best to check with a professional on the matter.
Hope this may help some ppl…regards
Alex[8D]This is a great thing about our tax system… There’s not to much else that it’s good for mind you..
For many years now I have claimed everything from books, to cinema tickets to computers and even underpants… no not really the underpants..But yes.. All “Educational” purchase are indeed tax deductable..
Even better tho.. Is to buy it it thru a company with b4 tax dollars and then deduct it as a company expense.Cheers
Calron the Alcamist
Turning things into gold is fun.
[email protected][
]Hey Guys, Calron you mention thru a company Can this also be thru a trust but with the trust not owning the IP?
Also does anyone know what & how much is involved from changing IP’s from a personall or Joint names back into a family trust?
Ps – Why not claim your undies, they can be very educational ‘Keep them on, It will save you thousands if you get caught with them off!’ LOL[
]What about if you have owned an investment property and are currently ‘between’ investments?
Can anyone discuss depreciation of a professional library compared to simply claiming a deduction per book.
I suspect it might be useful for those materials purchased prior to one becoming an investor.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985[
]hi simon,
with regards to a professional library, as a teacher i keep a list of all books purchased with yearly updates, and give it to my accountant to sort out. there is depreciation to be claimed, so check it out.
cheers
[8D]
Hey Guys, Calron you mention thru a company Can this also be thru a trust but with the trust not owning the IP?Also does anyone know what & how much is involved from changing IP’s from a personall or Joint names back into a family trust?
Hmmm I don’t know exactly.. But I spoke to my accountant about putting IP’s in a trust..
If I understand it correctly, you have to either buy directly thru the trust to have the title under the trusts name also you can transfer title to the trust. If you own it already you have to pay stamp duty and legals etc again. Because it it now essentially not yours, it’s legally the trusts..
The trust is setup for you to distribute moneys in the most beneficial way for tax purposes.
The downside of the trust is that no losses can be claimed ie. expenses for the IP’s.
I’m a little gray on this area so please if anyone knows anymore than me please add..Cheers for now
Calron the Alcamist
Turning things into gold is fun.
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]hi simon,The topic ‘Can You Claim Investment Books as a tax deduction’ is closed to new replies.
