Buying Interstate

[CHAOS]

I have read the buying interstate thread with much interest - I have never bought a property interstate or without personal inspection.
We have been talking about taking an interstate trip or two to investigate potential locations of future Ips. The travel and accomodation, car hire costs would soon add up - and I was wondering what could and could not be claimed or how to approach this so that we could potentially save some money (via being able to claim as a tax deduction) which we could put towards the investment.


If we fly to Perth for a 5 days, hire a car and look at properties and areas to invest. I am talking about genuine research not a guise for a tax funded holiday. Am I correct that none of this is claimable?

If however, I purchase a property in Perth (sight unseen), then I fly over to inspect that property - then those costs are deductable?

If I co-own the property with my husband , then we can claim both our airfares? If we have no choice/ option but to take our kids with us - can their airfares be claimed?

If we attend a free or cheap property seminar interstate then can flights and accomodation be claimed?

If I use an interstate broker, can flights and accomodation be claimed to visit him/her? Can this be coupled with the research?

 

[monalisa]

Yes, you are correct, none claimable as the expenses would be taken to be incurred 'too soon' s noted in some case law i.e. before the acquisition of an asset - as you are only researching. For expenses to be deductible or added to the cost base there has to be a nexus between the expenses incurred and the income producing asset (in this case rental property you own at the time).

 

[Rolf Latham]

If I use an interstate broker, can flights and accomodation be claimed to visit him/her? Can this be coupled with the research?

borrow cost perhaps ??

t
rolf