Join Australia's most dynamic and respected property investment community

Pricefinder subscription - deductible?

Discussion in 'Accounting & Tax' started by JohnPropChat, 17th Sep, 2015.

  1. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    675
    Location:
    Perth
    If I subscribe to pricefinder for a year (paying monthly) and then found my IP through it. Would I be able to deduct all of the cost as a deductible?
     
  2. Terry_w

    Terry_w Tax and Structuring Lawyer Business Member

    Joined:
    18th Jun, 2015
    Posts:
    11,787
    Location:
    Southern Highlands NSW
    No.
     
    JohnPropChat likes this.
  3. KayTea

    KayTea Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    522
    Location:
    Brisbane
    That's interesting to know.

    But I believe that investment magazines subscriptions are claimable (please correct me if I'm wrong). Why is it the case that the magazines are, but the research website isn't?
     
  4. The expenses relates to acquisition of IPs not the management and issues associated with producing assessable income. Only costs which are associated with production of assessable income are deductible. There are loads of costs which are preliminary to acquisition that aren't deductible ie travel, meals (private), BA fees, inspection etc.
     
    JohnPropChat likes this.
  5. If the mag relates to property and you don't own one its not deductible. If the mag relates to acquisition it may not be, if the mag is unrelated to property its not.
     
    JohnPropChat and Propertunity like this.
  6. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    6,652
    Location:
    Adelaide, SA
  7. KayTea

    KayTea Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    522
    Location:
    Brisbane
    Oh boy, talk about confusing……

    Here's a question - if I subscribe to 'Money' magazine, and I already own (and continue to purchase) shares, as well as other forms of investment (such as an IP), is that magazine deductible?
     
  8. HD_ACE

    HD_ACE Game-Changer Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    464
    Location:
    Perth
    Do the shares produce an income?
     
  9. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    6,652
    Location:
    Adelaide, SA
  10. Terry_w

    Terry_w Tax and Structuring Lawyer Business Member

    Joined:
    18th Jun, 2015
    Posts:
    11,787
    Location:
    Southern Highlands NSW
    S 8-1

    If an expense relates to the production of income it will be deductible.

    Subscriptions to price finder wont be because it is incurred too soon. Doesnt relate to current income.
     
  11. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,068
    Location:
    Melbourne
  12. Catalyst

    Catalyst Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    297
    Location:
    Perth
    Thanks for the info, @[email protected]. I thought BA fees were deductible.
     
  13. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    6,652
    Location:
    Adelaide, SA
  14. Catalyst

    Catalyst Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    297
    Location:
    Perth
    Thanks @D.T
     
  15. Terry_w

    Terry_w Tax and Structuring Lawyer Business Member

    Joined:
    18th Jun, 2015
    Posts:
    11,787
    Location:
    Southern Highlands NSW
  16. HD_ACE

    HD_ACE Game-Changer Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    464
    Location:
    Perth
    Agree but they own shares already.