Residential rental property travel expenses: ATO guidance
Friday 16 November 2018
Since 1 July 2017, people, self managed super funds (SMSFs), “private” trusts and partnerships have not been permitted to claim non-business travel costs connected to residential rental properties as tax deductible.
These costs also cannot form part of the cost base or reduced cost base of a capital gains tax (CGT) asset.
The ATO has released new guidance about this, including details about the legal meanings of “residential premises” and “carrying on a business”.
Not sure if you can deduct the costs of maintaining your investment rental property? Talk to us today to work it out.Back