Hi guys, I have been doing a bit of travel to look at properties to purchase for investments. Being in regional NSW i have been driving a few k's to go to inspections. Is this travel deductible? If so what do i need to claim it? Eg. Log book, proof of seeing agent, can i claim accommodation, do i just claim by th km? Cheers in advance.
Only deductible if incurred to visit an income producing property you already own. If you're just scoping for a purchase then no, not deductible because you're not deriving any income from it
Thanks for tgat guys. Just to follow up on this would the following be deductible? Above mentioned if: a. Purchase property. b. Meeting with property manager for current IP. c. If renovation purchased IP?