Can any one tell me if flight and car rentals are tax deductable if you are interested in ip interstate. l am new at this so this might be a silly question.[blink]
brownyHey Browny
Im am new at this too, but i have heard that thees expances are not tax deductable if u are going interstate to look at a property, but if you have purchased and ip interstate then i think that you can dedect these expances. You should check with a tax accountant to make sure, or even visit http://www.ATO.gov.au this site should give you info more precise info on this subject.hope this helps
AdamHi Browny,
As far as I’m aware, the costs to travel to inspect and purchase an IP are not tax deductible.
The money was not spent producing an income, only to potentially produce an income.Once you own the property you can claim the portion of the travel expenses that relate to you doing inspections, maintenance etc. IE. travel interstate for 5 days, you do a property inspection as a tenant has left and done damage, after inspection you spend 2 days working on it and meeting with the Property Manager. You spend the rest of the time laying on the beach. You can claim 3/5 of the travel expenses.
Mal
Getting out of your comfort zone, can help you become comfortable
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