Frank Trotta from Trotta & Co has recommended some good advice for Landlords.
Here’s some points to keep in mind for deductions this financial year:
Rental Properties – travel expenses
Editor: The following is about claims by taxpayers with rental properties and demonstrates how we can help you with those claims.
What travel expense can taxpayers with rental properties claim?
Taxpayers can claim:
- Preparing the property for new tenants (except for the first tenants)
- Inspecting the property during or at the conclusion of the tenancy
- Undertaking repairs, where those repairs are the consequence of the damage or wear and tear incurred while rented out
- Maintenance of the property, such as cleaning and gardening, while it is rented or available for rent
- Collecting the rent
- Visiting their agents 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.