Claiming travel/Accomodation on interstate IP

Hi all,
Just a quick enquiry,
I live in Melbourne and have been looking at IP's in other states.
Just like to know if I can claim all or part of travelling expenses and accomodation, if i had to fly over to do 6mthly property inspection on a property that was located interstate or abroad like New Zealand.

Regards
John
 
John,

You can only claim expenses to visit/inspect an already purchased property. The trip must be solely for this purpose alone - other-wise if combined with a holiday, expenses must be pro-rataed.

You don't get to claim expenses to find properties in the first place.

There is no set number of times you are allowed to visit per year. Once would be allowed - maybe twice?? After that you're asking for an audit. ;)
 
The current (October) issue of Your Investment Property magazine has a couple of good articles on deductions. One relates specifically to travel expenses and the other to IP's in general.
It's well worth the $9.95 (tas deductable) investment, even without my contributions to a couple of other articles in there (Analysis Paralysis & Exit Strategies) :)
 
Agree with Propertunity.

I would also keep a diary/log of what you do each day (if private just note private - this part doesn't need to be expanded on). This will aid at end of tax year as well as decide apportionment if required.

Fletcher Tax Accountants
 
Thanks for input

Just like to thank you all for the input and i shall take the advice onboard.
Regards
John
 
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