Home show - tickets a tax deduction.

[w0nnie]

Just wondering, the sydney home show is coming up and we are researching solar energy for a IP, seems to be the best place to hunt down the information, saving us running around. Am i right in assuming that the ticket cost is tax deductable if our purpose of visit is for work on a IP?

just wondering, at $18 a ticket its worth claiming.

http://www.sydneyhomeshow.com.au/

 

[Propertunity]

Probably deductible if that is the dominant purpose of your attendance. But make sure you don't visit any of the other stands for your own personal enjoyment

 

[allblack]

Don't forget to claim your mileage to and from the home show. Also if you are from out of town accommodation and meals as well.

 

[w0nnie]

thanks for the tips, ill be sure to not look at anything pertaining to my PPOR,

actually, thinking about it, we will be moving on in the next few years and my PPOR will become a IP, so perhaps this is just future research there as well

 

[bene313]

Forget the "future research" argument. It won't cut it.

 

[tobe]

its only claimable if you actually buy something income producing on the trip.


So doing research doesnt cut it, just like you cant claim when you do research on buying a unit on the gold coast but dont end up purchasing.

 

[brendio]

But in this case, the OP already has the incoming-producing asset and the expense (home show tix) is related to that (regardless of whether they buy improvements for it at the show). This is a different case to research to buy an income-producing asset (e.g. travel to inspect IP to buy), because you do not have the income-producing asset at the time the expense was incurred.

It's the same with other incoming-producing assets. For example, a share-picking newsletter is not deductible if you do no already own shares (i.e. it is research to possibly buy an income-producing asset) but may be if you already have shares (i.e. it is research to manage your income-producing portfolio).

Also, educational expenses related to your current work are deductible (as they relate to current assessable income), but educational expenses to change into a different field unrelated to your current income-producing job are not deductible (as they relate to possible future income).

 

[Rob Williams]

We're talking $18 tickets here, right?
We've all wasted more time on discussing it than it's worth.

 

[w0nnie]

its more a discussion point which has also raised other issues (pre purchase v post purchase deductions) and is interesting just on its own, i know its only $18 and probably not worth the electrons we have expended, but this is a 'discussion' board.

on another note, it all adds up, or do you have a minimum amount on a receipt before it goes in the shoe box, becuase i have suburban train tickets in mine of less than $4 each but thats better in my pocket then the govts.

 

[SmiTTy2008]

Hi W0nnie

Whats better than a tax deductible ticket? a Half price ticket! Take a look at this:

http://www.ozbargain.com.au/node/24113

It appears to be the same show - half price tix applicable for both NSW and Vic

 

[tess85]

You can usually get free tickets if you keep your eye out for promotions.

BUT... you can't treat those as a tax deduction!