1 or 4 trips a year tax deductable?

[yadreamin]

Quick query ta
How many trips per year are you allowed by the tax dept to inspect your ips?
Main expence is airfare.
My friends son has been told by an account he can claim 4 trips for the 1 ip per year.
I thought it was only 1 trip per year.
Except of course barring major repair/tennant drama

cheers
yadreamin

 

[The Y-man]

I understood there was no "limit" as such - BUT - you have to bae able to prove why you needed to inspect the IP - especially if the local tenancy laws only allows x number of inspections per year...

The Y-man

 

[RumpledElf]

Inspections are usually quarterly aren't they? So that's where the 4 is coming from.

 

[Propertunity]

Inspections are usually quarterly aren't they? So that's where the 4 is coming from.

Yes you can have up to 4 x inspections per year....and yes, the ATO does not specifiy how many of them, you as the owner, can claim travel expenses towards them.

HOWEVER, if you go to all 4 per year, then the ATO could make a case to say - "What are you paying a PM for?" and disallow one or the other expense claim. You'd have no trouble claiming for 1 trip pa, possibly 2......after that at your peril IMO.

 

[marg4000]

Just make sure the trip is for investment purposes only. If feasible, fly there and back on the same day. You may be able to stay overnight if distance demands it (eg Perth/Brisbane), but that is it.

If you tack a holiday on (or any other purpose) you will have minimal chance of claiming anything other than a taxi fare to and from the property.

And I agree with Propertunity, any more than 2 a year is stretching your luck.
Marg

 

[yadreamin]

Thanks for the replies.
Unless you have some fairly serious maintenance to attend to it would be difficult to justify a lot of visits.
I would quess the friends acc has confused the "4 trips" with " 4 inspections".
Just goes to show with a little bit of wrong info one could have some[costly] explaining to do to the tax man.

Its great to have this forum
cheers
yadreamin

 

[juzza]

wondering when the property is in 2 names can both people claim the same trip

juzza

 

[wobbycarly]

wondering when the property is in 2 names can both people claim the same trip

juzza

If they actually incur the expenses, yes. Apportioned to ownership %age.