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Investing in Property

Rental properties & travel expenses

The following is about claims by taxpayers with rental properties and demonstrates how we can help you with those claims.

What travel expenses can taxpayers with a rental property claim?

Taxpayers can claim:

• preparing the property for new tenants (except for the first tenants);
• inspecting the property during or at the conclusion of tenancy;
• undertaking repairs, where those repairs are a consequence of the damage or wear and tear incurred while being rented out;
• maintenance of the property, such as cleaning and gardening, while it is rented or available for rent;
• collecting the rent; and
• visiting their agent to discuss their rental property.

Domestic travel requiring an overnight stay

A rental property may be located so far from where a taxpayer lives that it would be unreasonable to expect them not to stay near the property overnight when making an inspection.

If this is the sole reason for the trip, they are entitled to claim a deduction for travel expenses incurred in travelling to the rental property.

Where an overnight stay is involved, they would be entitled to claim for meals and accommodation.

If this is the sole reason for the trip, they are entitled to claim a deduction for travel expenses incurred in travelling to the rental property.

Where an overnight stay is involved, they would be entitled to claim for meals and accommodation.

Talk to our Perth Property Accountants for more information and to find out how we can help you minimise your tax with property investments.

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The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.

Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.

 

Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.