Tax Changes: The Days of Tax-Deductible Inspections Are Over
It's a great time to visit the Gold Coast, and for our landlords who are planning on inspecting their properties this year, you need to do it soon. Unfortunately, the days of the tax-deductible inspection trip are over.
"From 1 July 2017, deductions will be disallowed for travel expenses related to inspecting, maintaining or collecting rent for a residential rental property. However, this measure will not prevent residential property investors from claiming a deduction for expenses incurred in engaging a third party, such as a real estate agent, for property management services."
Back in the day owners had time to take advantage of tax deductibility although more recently based on the number of requests that we get for inspections by out of town owners everybody seems to be too busy to think about it.
It seems very harsh on owners who rent their properties privately or use Airbnb. Conversely, if you are using a real estate agent to manage the property, with the exception of the annual inspection being deductible, nothing much has changed. by David Hamilton
Tax Changes: The Days of Tax-Deductible Inspections Are Over
palmbeachfn.com.au May 2017 First National Palm Beach 15 Palm Beach Ave Palm Beach, Queensland 4221
Phone: 07 5559 9600