Hi Guys,
I am trying to get on the right foot for this financial year, and as a result, have been looking at what is claimable in terms of Travel and Allowances with respect to investment property.
My question is.... am I allowed to claim travel and allowances (accomodation / meals, etc) for investigating / inspecting properties, even though I don't particularly have a house in the immediate area I am looking.
My accountant told me today that I would be able to claim for such expenses / allowances if I went to inspect a property in close proximity to my other investment property, as I could go and do an inspection on it while there.
The thing is, I don't want to buy in the same area.....I am looking in another part of South East Queensland.
In order for this to be claimable, what is the limiting factor.....
i.e.
Does it have to be in the same suburb??
Can it be the same city??
Is it within a certain km from the investment property??
He mentioned that it wont be claimable, but can be added on to the cost base of the property when bought. But what happens with after going up there and spending a few days running around the streets, deciding against the area? What then. If I don't buy the house, how can I claim the travel and allowances.
I could remember reading a Gutherum Goss book a couple of years ago about claiming anything and everything, and I don't think it was limited to an area around a pre existing invesment.
I do have a company and trust for the property portfolio, so I would have thought wherever I go searching for property, it should be covered.
Clarification is needed please.
Thanks in advance.
Cheers,
F
I am trying to get on the right foot for this financial year, and as a result, have been looking at what is claimable in terms of Travel and Allowances with respect to investment property.
My question is.... am I allowed to claim travel and allowances (accomodation / meals, etc) for investigating / inspecting properties, even though I don't particularly have a house in the immediate area I am looking.
My accountant told me today that I would be able to claim for such expenses / allowances if I went to inspect a property in close proximity to my other investment property, as I could go and do an inspection on it while there.
The thing is, I don't want to buy in the same area.....I am looking in another part of South East Queensland.
In order for this to be claimable, what is the limiting factor.....
i.e.
Does it have to be in the same suburb??
Can it be the same city??
Is it within a certain km from the investment property??
He mentioned that it wont be claimable, but can be added on to the cost base of the property when bought. But what happens with after going up there and spending a few days running around the streets, deciding against the area? What then. If I don't buy the house, how can I claim the travel and allowances.
I could remember reading a Gutherum Goss book a couple of years ago about claiming anything and everything, and I don't think it was limited to an area around a pre existing invesment.
I do have a company and trust for the property portfolio, so I would have thought wherever I go searching for property, it should be covered.
Clarification is needed please.
Thanks in advance.
Cheers,
F