Pre-settlement inspection costs

Discussion in 'Accounting and Tax' started by Roosterman, 18th Jun, 2015.

  1. Roosterman

    Roosterman Member

    Joined:
    27th Apr, 2010
    Messages:
    106
    Location:
    Coorparoo
    Hello

    I've got a property settling tomorrow, and today I conducted the pre-settlement inspection.

    I caught a taxi there and back.

    It's small bikkies I know, but is the $40 taxi fare a deductible expense?

    The property is not available for rent (until after it settles tomorrow) so I guess it's not a deductible expense, should it be treated as a purchase cost?


    thanks
    Roosterman
     
  2. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

    Joined:
    2nd Jul, 2013
    Messages:
    2,778
    Location:
    Sydney
    A capital cost of acquisition. Non-deductible.