PropertyChat subscription tax deductible

Discussion in 'Accounting & Tax' started by DaveM, 20th Jun, 2015.

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  1. DaveM

    DaveM Well-Known Member

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    So, question on everyones lips for the tax experts... is the paid sub for PC membership (non business) tax deductible as an educational expense?
     
    DaveM, 20th Jun, 2015
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If you currently have rental properties it could be deductible. But you should apportion it based on how many of the joke posts you read.
     
    Terry_w, 20th Jun, 2015
    #2
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  3. Simon Hampel

    Simon Hampel Founder Staff Member

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    My (non-professional) opinion is that if you already have investment properties, it would be deductible.

    Would be interested to hear opinions from some of our tax experts.
     
    Simon Hampel, 20th Jun, 2015
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, it would be deductible under s8-1 if it relates to current income.
     
    Terry_w, 20th Jun, 2015
    #4
  5. Corey Batt

    Corey Batt Well-Known Member

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    Somersoft/Property Chat would have to be one of the cheapest investment resources about - having it tax deductible is just the icing on the cake.
     
    Corey Batt, 20th Jun, 2015
    #5
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  6. Brady

    Brady Well-Known Member

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    And cheapest lead generator for you brokers ;)
     
    Brady, 20th Jun, 2015
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  7. Elives

    Elives Well-Known Member

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    in that case would a rp data subscription be tax deductible if you had property? i thought it wasn't.
     
    Elives, 20th Jun, 2015
    #7
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Prob not as this doesn't relate to current income - searching for future.
     
    Terry_w, 20th Jun, 2015
    #8
  9. wombat777

    wombat777 Well-Known Member

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    Really - what about for researching rent market values in areas that you have IP's?
     
    wombat777, 20th Jun, 2015
    #9
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, that could relate to current income. You may have to apportion on a reasonable basis
     
    Terry_w, 20th Jun, 2015
    #10
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    the lowest cost biggest bang for buck is the word of mouth referral. Stuff Like PC and SS is great for building brand

    ta
    rolf
     
    Rolf Latham, 20th Jun, 2015
    #11
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  12. albanga

    albanga Well-Known Member

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    This poses an interesting question and I understand each scenario would have a different answer BUT is there a comprehensive list available anywhere of deductions for a property investor?
     
    albanga, 21st Jun, 2015
    #12
  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Tax advisers have their own lists build up over the years. But what is deductible for one person is not necessarily deductible for another. e.g. Membership to this forum.

    Basically anything that is an expense, that is not capital, associated with the production of assessable income is deductible
     
    Terry_w, 21st Jun, 2015
    #13
  14. Paul@PAS

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

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    Depends if you act on unqualified advice and make a mistake.
     
    Paul@PAS, 22nd Jun, 2015
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  15. Paul@PAS

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

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    Have you obtained a copy of the ATO Rental Property Guide ? Its very comprehensive. Not as comprehensive as seven years of study and the experience required to become a tax agent.

    The starting point IMO is "Did I think I incurred a cost to produce rental income ?" Then working backwards to identify what isn't eligible, what is a CGT issue etc. Many of the tax mistakes I see revolve around CGT cost issues and failure to maintain good records
     
    Paul@PAS, 22nd Jun, 2015
    #15