09 September 2016
ATO NEWS AND UPDATES
Smart, Easy Online Solutions that make Bookkeeping Fun
Rental Property Owners and Property Investors of Residential Property will no longer be able to claim travel locally in their car or interstate when visiting, collecting rent, signing documents or any other activity where you are required to travel for a rental property from 1 July 2017.
My video explains the definition of this new ruling, where to find it on the ATO website and some examples of the majority of people it will apply to.
A small minority of property investors may be exempt, they need to establish or substantiate proof that they are “carrying on a business”.
I share an example to assist you in examining if you are one of the rare few who can claim…….
As with any tax related ruling, I advise you to have a conversation with your Tax Agent / Accountant.
Watch the video to find out more!
Resources
RENTAL PROPERTY — Travel Expenses https://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties—claiming-travel-expenses-deductions/
Sources Disallow the deduction of travel expenses for residential rental property : Disallow Link for Rental Property TravelAll other property travel expenses : You can continue to claim a deduction for cost of travel prior to 1 July 2017atotaxrates.info : https://atotaxrates.info/tax-deductions/rental-property-tax-deductions/rental-properties-and-travelling-expenses/RealestateExcellence :Residential Property Investors lose depreciation and travel deductions Financial Review : Budget 2017 : Landlords lose travel claims in negative gearing crackdown
Amanda Hoffmann is a registered BAS Agent No.18613005, Associate of Finance, Xero & Myob Certified Consultant, a Queensland’s Quickbooks Trainer and works with the ATO on their advisory boards.
She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, public speaking and blogging.
Amanda would love to train you to use accounting software, if you need help fixing a messy account or general assistance with automating your administrative duties to save time and money.
