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Hi
If I have a lunch meeting with my broker to discuss a loan and other investment plans, are the lunch expenses deductible?
We catch-up once every few months to discuss how we're progressing.
Thanks for your input.
Srini
Hi
If I have a lunch meeting with my broker to discuss a loan and other investment plans, are the lunch expenses deductible?
We catch-up once every few months to discuss how we're progressing.
Thanks for your input.
Srini
Hi
If I have a lunch meeting with my broker to discuss a loan and other investment plans, are the lunch expenses deductible?
We catch-up once every few months to discuss how we're progressing.
Thanks for your input.
Srini
Interesting Ruling to consider is PBR 91001. If provided through a company may not necessarily constitute meal entertainment for FBT purposes.
http://www.ato.gov.au/corporate/content.aspx?doc=/rba/content/91001.htm
I think you're thinking too small.
Unless you have very expensive looong, boozy lunches often.
The ATO doesn't allow you to deduct expensive lunches - they have to be 'reasonable'. Eating lobster for lunch isn't exactly reasonable...
Agreed RobG.
Same issue arises with taxi travel. If I catch a cab from home to work it is not deductible under the general provisions as it is private travel.
However if my company pays for a taxi for me as an employee of the company from home directly to work or from work directly back to home is exempt from FBT under s58z.
The ATO doesn't allow you to deduct expensive lunches - they have to be 'reasonable'. Eating lobster for lunch isn't exactly reasonable...