Hoping someone knows the answer to these: we have an IP in Brisbane, so this Christmas we are planning a holiday to Surfers from Melbourne, now I know we can claim a % of our airfare and accommodation, what I am unsure of is this:
1) is the amount capped that can be claimed for airfare?… (business class v’s economy seats) and I’m guessing that we cannot claim for all the family’s airfare just those on the title? (that would be nice tho)
2) how pedantic (thorough) is the system, do we need to fly into the city and leave from the same city airport to make this work? Property is in Brisbane – we want to fly directly to Surfers and leave from Brisbane.
3) can you claim for the hire of a rental car to visit the property?
4) to claim on accommodation costs – we’ll be staying in Surfers 60 k’s away from the property – is this pushing it a little and how many nights could you claim for?
5) are there any “little known” taxable tidbits that anyone can suggest when visiting a property?
Hope this makes some sense – I’m on newborn baby time.
Thank you
Jen
Hi Loress,
I was justlooking at this last night.This answer is from my reading. I am no expert.I read ” If you own a property interstate, in which case you need to fly to the location, you may be able to claim some of the airfare costs” if that property is income producing.
Like all deductions you claim, you would have to work what percentage of the airfare was related to business, and how much for pleasure.So one day to inspect the property, out of 14..may be 1/14th of airfare to claim. But tax rulings are constantly changing , so a quick call to your accountant will tell you the figure, and whether you can also claim for your partner.
RE: the car…same applies. Work out the percentage of time you will use it to inspect the property. And you will claim under “cents per kilometre” method. (seeing you travel less than 5000k per year) All you need to provide is info to show how you worked out your business kilometres, in the form of a diary.
A car with a greater engine will use more fuel, and be more expensive to run.Per klm travelled you can claim..
In the example I was reading was this
1.6litre engine……47Cents
1.6- 2.6 engine……53.1c
2.6 or more……….53.5cThese figures are a few years old now, so check with accountant for the current ones.
You probably don’t even need to mention that you will fly out of Brisbane.
Other forumites may be able to add further to this.
Rita [
]thanks for the tips Rita, we just dumped our accountant and decided to do it all ourselves… (sounds ominous!), but we should be able to save some extra $$$’s
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