Silly question - humour of the day....

If I were driving to visit my IP, and I copped a speeding fine, can that be counted towards expenses in visiting IP, and hence tax deductible?
 
Fine's generally aren't tax deductible.

Hi, this is correct. Speeding fines, parking fines, late payment fines, and any other fines; not deductible. These weren't incurred in earning your income, they were incurred in breaking the law. Try not to do that :)
 
haha!! okay! :p

let me think.........but that's in buying the IP as an individual? If I were to buy IP as a company/business, the fines would be classifed as business expenses? :p
 
but that's in buying the IP as an individual? If I were to buy IP as a company/business, the fines would be classifed as business expenses? :p

Hi, no, that's for all types of entities. A company that receives a fine from ASIC for paying their company dues late will also not be able to claim that fine as a cost of doing business, let alone claiming for a fine for speeding or parking illegally. Sorry.
 
Top