Join Australia's most dynamic and respected property investment community

Can I claim travel prior to settlement

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

  1. Andrewtfarr

    Andrewtfarr Active Member

    Joined:
    3rd Nov, 2015
    Posts:
    26
    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 Premium Member

    Joined:
    13th Sep, 2015
    Posts:
    767
    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. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,580
    Location:
    Adelaide, SA
    It'd form part of the capital cost at best
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,973
    Location:
    Sydney
    not claimable. Travel doesn't form part of the cost base either.
     
    Ed Barton and D.T. like this.