Is Foxtel for yourself tax deductible?

[Glebe]

Guys,

If you buy a book on the share market it's tax deductible right? If you buy market data it's tax deductible right?

So if I buy a basic Foxtel package @ 49.95 per month, so I can check the stock market etc (of course not Fox Sports!), can I claim it as a tax deduction?

:)

If so I take it it's better to organise it in my trustee's name (... Pty Ltd) rather than my own name...

[Kiwi Investor]

How many channels are part of your income producing business, if 3 channels are dedicated to news & shares, I think this as a percentage of your total bill may be classed as deductable (maybe 25%).
In saying that the lifestyle channel has heaps of property related shows, and how to channel (not part of basic package) also has heaps of useful tips for the reno's, so you could argue for those also.

:D

K

[geoffw]

I once attempted to claim the Australian newspaper, Tuesdays only, as that used to be the main source of job ads etc for IT. The claim was disallowed because the supposed private component was too high.

You may have a slim chance claiming Foxtel for checking stock prices anyway, as the info is available for free on the web.

[Mry]

Guys,

If you buy a book on the share market it's tax deductible right? If you buy market data it's tax deductible right?

So if I buy a basic Foxtel package @ 49.95 per month, so I can check the stock market etc (of course not Fox Sports!), can I claim it as a tax deduction?

The ATO position is that you would have to keep a log of the "viewing hours" for a month to work out how long you would use it to view your share prices and then claim that %. If they wanted to get really really picky, they would ask you to provide a commercial justification for why you chose to use Foxtel rather than the internet or the newspaper (We love you Part 4A).

[Aceyducey]

If your Trust owns the property & you rent from the Trust (in an appropriate legal manner) there may be a way to have the Trust provide the service & make it 100% tax-deductible.

Cheers,

Aceyducey

[Glebe]

Thanks for your thoughts. The $ savings might not be worth the attention from the ATO. I think I'll give it a miss.

[Petergm]

I understand the ATO are pretty tough on this one.

I work in marketing/promotions for a television station and I understand that I am allowed to claim the percentage of viewing that I watch on Austar as research/awareness of what our competitors are doing but I have to run a diary ..... similar to a vehicle log for a couple of months.

Doesn't help you guys wanting to claim the stock report though!

[DaleGG]

Hi

I agree with the comments thus far...that is, that claiming this is very difficult, and, that the onus of proof is on you to show what proportion of your viewing is income related.

However, an important point to always remember is this...

if you ask: "Can I claim something?" the answer has to be yes or no. Given the way most accountants are trained (to protect them and you) the answer is likley to be No...and if you're lucky there may be some further thought.

However, if you ask instead: "How can I claim this?" you are sending a message that is more likely to give you a positive answer...just as Acey has suggested in his reply.

Remember, accountants are not that bright (all due respect to my fellow forumites who obviously ARE bright) and we tend to answer direct questions with a direct answer - even if it is not that helpful!

Food for thought!

Have fun

Dale

[Glebe]

Good point Dale.