If you own a residential investment property, you are no longer allowed to claim a deduction for travel for the 2018 financial year. This includes travel expenses incurred to maintain or inspect the property. Legislation also states that the travel expenses that would have been claimed cannot be included in the cost base of the property when calculating the capital gain or loss on sale of the property. These changes do not apply to commercial investment property.
For more information visit:
https://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties---claiming-travel-expenses-deductions/
Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.
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