Does your business own a rental property?

If you own residential rental property, you are only able to claim deductions for travel expenses relating to inspecting, maintaining, or collecting rent from the property if you are carrying on a rental property business or the property is owned by an excluded entity (eg a company).

The law changed on 1 July 2017 to restrict when travel expenses associated with rental properties could be claimed. If you haven’t yet lodged your 2018 income tax return for your business, check with your tax adviser whether you are eligible to claim these travel expenses.

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Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.