All Topics / Help Needed! / Buying property

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  • Profile photo of tes8tes8
    Member
    @tes8
    Join Date: 2005
    Post Count: 1

    Hi Guy’s,
    Just wondering if there is a way to claim(through tax), the flight and accomodation and expenses on a propety buying trip? Any feedback would be much appreciated!

    Profile photo of aussiexjaussiexj
    Participant
    @aussiexj
    Join Date: 2005
    Post Count: 61

    I have checked with my accountant and she has told me that even if you buy the property you can’t claim for the travel. Why? She explained that the house that you buy is not your ‘business’ until you have bought it. So you can’t claim on that purchase. Of course if you already own a property in the area or are travelling there for your own company business, then you can do whatever you want while you’re there.

    This is not tax advise as I am not qualified. Somebody may be able to confirm this info.

    AXJ

    Profile photo of GPSnetworkGPSnetwork
    Member
    @gpsnetwork
    Join Date: 2005
    Post Count: 313

    Surely if you have a good accountant they may be able to squeeze it in though..

    Roy H.
    L.R.E.A., Dip FS (FP)
    Guardian Property Specialists (GPS)
    http://www.gpsnetwork.com.au

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    Hi
    This ones for the accountants but when you have the answer post it, as I think you can claim as long as you have a company doing the investing ( searching)and a trust doing the holding(purchase)
    not sure of your setup.
    It will depend on the setup structure you are using.
    They are funny people accountants(even thou they don’t know it)they get you out of question like this.

    here to help

    Profile photo of gafamagafama
    Member
    @gafama
    Join Date: 2004
    Post Count: 118

    It’s my understanding that if you have a property investment entity (coy, trust) then you can claim but if it’s just you then it forms part of the “acquistion” cost of a property (like stamp duty) and goes towards the cost base when (and if) you sell for CGT purposes.

    Check with your accountant – they may have an alternative method.

    Megan

    http://www.propertyhub.net
    Your Investing and Developing Information Hub.

    Profile photo of SeeChangeSeeChange
    Member
    @seechange
    Join Date: 2003
    Post Count: 66
    Originally posted by gafama:

    It’s my understanding that if you have a property investment entity (coy, trust) then you can claim but if it’s just you then it forms part of the “acquistion” cost of a property (like stamp duty) and goes towards the cost base when (and if) you sell for CGT purposes.

    Check with your accountant – they may have an alternative method.

    Megan

    http://www.propertyhub.net
    Your Investing and Developing Information Hub.

    This is the advice I’ve been given and what I’ve acted on. I’ve been told that a trust can pay an individual to source a property for it ( including yourself ) however I havn’t checked this out todate.

    See Change

    Profile photo of ss2306ss2306
    Member
    @ss2306
    Join Date: 2004
    Post Count: 55

    A tip from Dale Gatherum-Goss I’ve never forgotten.

    Don’t ask your Accountant “Can I claim xyz?”

    instead ask “How can I claim xyz?” A good Accountant will think of a way.

    Shelley

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