All Topics / The Treasure Chest / Are Brokers tax deductable ?

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  • Profile photo of Most excellentMost excellent
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    @most-excellent
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    August 26, 2003 - 1:14 am

    If one was to hire a Mortgage Broker to ‘help’ manage a portfolio within a company setup, which is trading only as the Family trust ( Pty Ltd ).
    Can this be a tax deduction ?
    And say if your broker is interstate, can you use your travel, accommodation, meals etc… expenses for tax deductions ?

    [?]
    Michael

    Profile photo of MelanieMelanie
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    @melanie
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    August 26, 2003 - 1:21 am

    If they charge you broker commission, sure, if it’s free, um no! Re travel etc. can’t see why not, the intent is doing what you do to earn income …

    [:)]
    Mel

    Profile photo of truebluetrueblue
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    @trueblue
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    August 26, 2003 - 2:53 am

    Inter state travel is a touchy issue with the ATO. If you are there & back within a day or so, that’s ok. But if you stay longer without a really good reason, it’ll be disallowed. Suggest you also check with your account.

    Profile photo of Most excellentMost excellent
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    @most-excellent
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    August 26, 2003 - 4:30 am

    Thank you guys

    [:D]

    Short trip & no feebeeze !

    Michael
    “truth is owned by everyone”

    Profile photo of noddiesnoddies
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    @noddies
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    August 26, 2003 - 5:28 am

    Hi Michael,[:I]
    I beleive a Mortgage Broker is only allowed to deal with mortgages.
    Regards

    Bryce Inglis
    [email protected]
    http://www.ipal.com.au

    Profile photo of MelanieMelanie
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    @melanie
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    August 26, 2003 - 6:30 am

    Noddies I think you’re right but I know a few brokers who also have financial planner quals and dabble in this area of managing investment portfolios which I assume is what Michael’s broker does.

    Mel

    Profile photo of DanTheManDanTheMan
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    @dantheman
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    August 26, 2003 - 5:37 pm

    The general rule is, if you spent money on something that will earn you money (hence be taxed), it is tax deductable.

    Dan.

    If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.

    Profile photo of OzbravoOzbravo
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    @ozbravo
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    August 26, 2003 - 11:01 pm

    Hi Michael,
    Interstate travel…
    Bear in mind that if you travel interstate to do business back home it will probably be disallowed as a deduction, especially if you stay for longer than it takes to do your business.
    If however, you purchase a property interstate then the deduction would probably be okay.
    That said…check out the ATO site or ask an Accountant, and remember…
    Every man to his trade. [8D] Rob

    Profile photo of OzbravoOzbravo
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    @ozbravo
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    August 26, 2003 - 11:06 pm

    Michael,

    A Mortgage Broker’s job is to source the best loan for you not manage your portfolio.
    Every man to his trade.
    If you want help to manage a portfolio I would suggest that you use an Accountant with experience in that particular field.
    Also…If a broker charges you a fee, dont use him/her.
    Mortgage Brokers get paid by the Lender and although its not illegal, they shouldnt be allowed to double dip. [8D] Rob

    Profile photo of Most excellentMost excellent
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    @most-excellent
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    August 27, 2003 - 12:07 am

    That’s interesting reading, question answered.

    Thank you all for your input !
    [:D]

    Michael

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