Driving to search for IP?

Hi All,

Quick question: Is driving around to search for IP property, tax deductable and upto 5,000 km can be claimed without receipts?

What happens when you don't end up buying IP, can you still deduct?

Cheers,
 
Quick question: Is driving around to search for IP property, tax deductable and upto 5,000 km can be claimed without receipts?

What happens when you don't end up buying IP, can you still deduct?

I'm not an accountant, but I'd say the answer to the above is all no.

Just like driving to a job interviews (or even to work assuming it's a straightforward home to work commute) is not deductible.

Deductions can only be possible if the cost is incurred in the course of earning an income.

Once you've bought a property, legitimate costs incurred in the holding of the property (including travel costs to do inspections, repairs or attend body corporate meetings) should be deductible.

But if you do other non-property things as well during that trip (eg a holiday) the extent to which you can claim deductibility diminishes.
 
I thought of the exact same thing as maxseo

And came to the same conclusion as spiderman
 
Last edited:
Top