Inspection Visits allowed per year

how many inspection visits related expenses are allowed per year for tax claims. I have to visit interstate to inspect my IP.

 

As per the lease.

 

Nothing to do with the lease, he's talking about visits for tax write off purposes.

I'd probably say once a year really if its interstate and you have a PM managing it.

 

How if there was achange in the tenants in that year? Wanted to see how the new tenant is looking after the property.

 

Isn't that what your property manager is for?

 

You are right, i thought my next trip to melbourne could be partially covered on that pretext.

 

Not an accountant, but I don't think there is a limit as long as you can justify the purpose of the visit if the ATO asks.

 

Correct. There is no designated number and it would come back to substantiation for the purposes of the trip. Typically unless there are significant issues involving time then a overnight or same day trip may be acceptable. Longer trips would attract ATO questions on review about what, why, how etc. A onsite inspect takes under 15mins with a further discussion with the PM.

If you do anything else while there eg look a other property to buy then apportionment is required.

 

Probably wrong.

Unless the sole purpose of the trip is rental property related, you will not be able to claim much at all, only the portion directly related to the inspection. One day car hire at best.
Marg.

 

Yep, for instance if you're doing a reno or maintenance over a period of time.

 

May be an element of capital expenditure and be non-deductible too.