Property research costs

Discussion in 'Accounting & Tax' started by Frosty123, 12th Nov, 2015.

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  1. Frosty123

    Frosty123 Well-Known Member

    Joined:
    12th Nov, 2015
    Posts:
    243
    Location:
    VIC
    Hi,

    Would a subscription to RPData or Residex be tax deductible if I already own an investment property, and I'm looking to purchase more?
    My first thought is that it won't, because it's not related to an expense for the income producing property I already have. However, as an employee you can claim training courses or books purchased, if it is related to advancing your career in the field you're already in.

    Any information on this would be great!

    Thanks

    Frosty
     
    Frosty123, 12th Nov, 2015
    #1
  2. joel

    joel Well-Known Member

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    22nd Jun, 2015
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    Location:
    Adelaide
    I am not an accountant but I would say it's not deductible, but it may be possible to add the amount to the cost base when you do make the next purchase.
     
    joel, 12th Nov, 2015
    #2
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
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    Location:
    Sydney
    Necessarily incurred in producing assessable income ?? Not likely.
     
    Paul@PAS, 12th Nov, 2015
    #3