Travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017.
The Government said that this change is designed to address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs, or have claimed travel costs that were for private travel purposes.
This change will not prevent investors from engaging third parties such as real estate agents for property management services. These expenses will continue to be deductible.
If you have any questions regarding these travel expenses please contact our office on 07 5474 0711.
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Noosa Small Business Accountants & Financial Planners
Additional business services include tax minimisation structuring, business valuations and due diligence, business restructuring and audits. We also provide professional bankruptcy and insolvency advice to Accountants, Financial and Legal Advisers, Corporations and Individuals. Our primary goal is to ensure all parties are treated with respect.
Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast. Our expertise is unparalleled and thus we work with clients residing and working in Noosa, Mount Isa, interstate around Australia and internationally.