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Property research costs

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

  1. Frosty123

    Frosty123 Well-Known Member

    Joined:
    12th Nov, 2015
    Posts:
    55
    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
     
  2. joel

    joel Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    784
    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.
     
  3. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,400
    Location:
    Sydney
    Necessarily incurred in producing assessable income ?? Not likely.