From: Geoff Whitfield
Hi,
Somebody posted a link to do with deductibility of seminars. I can't find the original thread, but I thought it worth while to post again anyway:
http://ato.gov.au/rba/content.asp?doc=/rba/content/14120.htm
My reading of what this is saying is, that if you have gone to a seminar (or, perhaps by implication, bought books/software/whatever) then you can't claim the cost of the seminar against your income tax- unless you are in the "business" of renting out houses. The seminars are to be regarded as a capital expense, and as such, only claimable against CGT when a property is sold.
What is a "business" is not quite clear. In the ruling given, one rental property is definitely not a business (I had previously thought that having one rental property might be enough to claim the cost of a seminar).
This does also seem contrary to advice which has been given by members of this forum, and by my own accountant.
Does this really mean that ATO are losing too much from seminar deductions and are changing (sorry, "clarifying") the rules?
This is only a private ruling, but seems to indicate a new direction.
Geoff
Hi,
Somebody posted a link to do with deductibility of seminars. I can't find the original thread, but I thought it worth while to post again anyway:
http://ato.gov.au/rba/content.asp?doc=/rba/content/14120.htm
My reading of what this is saying is, that if you have gone to a seminar (or, perhaps by implication, bought books/software/whatever) then you can't claim the cost of the seminar against your income tax- unless you are in the "business" of renting out houses. The seminars are to be regarded as a capital expense, and as such, only claimable against CGT when a property is sold.
What is a "business" is not quite clear. In the ruling given, one rental property is definitely not a business (I had previously thought that having one rental property might be enough to claim the cost of a seminar).
This does also seem contrary to advice which has been given by members of this forum, and by my own accountant.
Does this really mean that ATO are losing too much from seminar deductions and are changing (sorry, "clarifying") the rules?
This is only a private ruling, but seems to indicate a new direction.
Geoff
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