Draft ruling on travel expense deduction for rental property investors

“The ATO has released a draft ruling on the rules that deny a deduction for travel expenditure incurred by investors in residential property.

Travel expenses incurred in collecting rent and in connection with the maintenance and repair of a residential rental property held as an investment, or to visit a property manager, are not deductible from 1 July 2017 under s 26-31 of ITAA 1997.

One of the exceptions to this rule allows the deduction where a taxpayer incurs the expense in the course of carrying on a business.”

…find out more about what may be of your prior concern for your company and personal business…please come and talk to Tax Ideas Accountants & Advisers https://taxideas.com.au/booking/

Tel: (02) 8318 1545

 

Posted in News & Events, Tax Updates.