Can I claim travel prior to settlement

Discussion in 'Accounting & Tax' started by Andrewtfarr, 21st Aug, 2016.

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  1. Andrewtfarr

    Andrewtfarr Active Member

    Joined:
    3rd Nov, 2015
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    Location:
    Sydney, NSW
    Hi All,

    I have an OTP coming up for settlement. Am I able to claim travel expenses prior to the property settling to do building\pest\handover inspections etc?


    Cheers
    Andy
     
  2. House

    House Well-Known Member

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    13th Sep, 2015
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    Location:
    Sydney
    You can only claim once it has been made available for rent (as in directly related to earning the income) or if the ATO considers you to be in the business of property investing.

    Edited to add- a good a resource on claimable expenses and anything related to property investing in general is the ATO Rental Properties PDF Rental properties 2016 | Australian Taxation Office
     
    Last edited: 21st Aug, 2016
  3. D.T.

    D.T. Specialist Property Manager Business Member

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    Adelaide and Gold Coast
    It'd form part of the capital cost at best
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Location:
    Australia wide
    not claimable. Travel doesn't form part of the cost base either.
     
    Ed Barton and D.T. like this.