Travel and accomondation tax deduction for source a investment property in SMSF

Discussion in 'Superannuation, SMSF & Personal Insurance' started by icic, 27th Jan, 2018.

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  1. icic

    icic Well-Known Member

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    Hi all,

    I in the process of sourcing a invest property for my SMSF.
    Can I claim travel and accommodation allowance for searching and sourcing the properties. I had to travel interstates to do that? I had a feeling that it cannot be done but just want to make sure so I put my paperwork in order.
     
    icic, 27th Jan, 2018
    #1
  2. Marg4000

    Marg4000 Well-Known Member

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    Claim from whom?
    Tax?
    SMSF funds?
    Marg
     
    Marg4000, 27th Jan, 2018
    #2
  3. Terry_w

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

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    no
     
    Terry_w, 27th Jan, 2018
    #3
    Propertunity and icic like this.
  4. icic

    icic Well-Known Member

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    claim from ato on tax return, smsf for property
     
    icic, 28th Jan, 2018
    #4
  5. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I think what Marg is implying is that there is 2 places you could claim off. You can claim off the ATO and this is a no answer as it's expenses incurred before the IP is bought and that is a no.
    The other source that could have either paid or possible now pay would be the SMSF. I have actually no idea if it's legal BUT just like you would pay using your own money to look for an IP the SMSF could have used it's own money to pay for your ticket/accomodation to look for it's IP.

    Again I have no idea if you are allowed to use your SMSF funds to do this but it is a potential avenue. The SMSF would still not be able to claim those expenses off the ATO.
     
    Westminster, 28th Jan, 2018
    #5
    Marg4000 likes this.
  6. Paul@PAS

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

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    Taxpayers have never been permitted to claim travel costs to buy an IP.
    SMSFs cannot pay a private travel expense without a breach of superannuation law. The cost is not incurred to administer the fund.
     
    Paul@PAS, 29th Jan, 2018
    #6
    Scott No Mates likes this.
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