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Is this deductible?

Discussion in 'Accounting & Tax' started by Ardi, 13th Aug, 2015.

  1. Ardi

    Ardi Well-Known Member

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    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.
     
  2. marty998

    marty998 Well-Known Member

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    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
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I would say not deductible as it doesn't relate to any production of assessable income.
     
  4. Ardi

    Ardi Well-Known Member

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    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?
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Could only be deductible if it is an investment property and the travel occured after settlement.
     
  6. Ardi

    Ardi Well-Known Member

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    Thanks Terry