As many of us have investment properties interstate we thought it would be helpful to clarify what you are entitled to claim as expenses when travelling to inspect your property.
You can continue to claim a deduction for the cost of travel you incurred to inspect or maintain rental properties or to collect rent if the expenses were incurred:
- in 2016-17 and earlier years for residential rental properties
- for commercial rental properties
- by excluded entities
- when carrying on a rental property business.
Travel expenses include:
- Cost of travel fares (airfares, car hire, petrol, etc)
- Cost of accommodation
- Cost of meals
In some cases, there are limits and also requirements to keep a diary of your trip. Keep all of your receipts. If there is also a private reason for travel (eg. a short holiday at the same time), then the expenses will need to be apportioned between private and “investor” expenses. We can only provide a general overview, NOT Advise, so check with your accountant, who will be able to provide you with more details.
Property Friends is a specialist Property Investment Advocacy that has been operating for the last 13 years on the basis of 3 principles: Trust, Community & Progress. www.propertyfriends.com.au (03) 9758 5331