Could there possibly be any reasons valid enough to make an o.s. trip deductible,relating to investing?? How about to attend an investment seminar? Or to meet…who? an investment advisor??
Any ideas?Do a search Misty some lengthy posts on this… the answer is YES and NO..depends on lots of whys..
Holidays..No
Investment Only..Yes
Mixture..Yes and NoREDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorIf you DO claim, make sure you provide proof of your property searching or whatever, by listing company names, addresses, maybe get a few peoples business cards, etc….
One idea is to:
Just import something from the country you want to go to. Something that will be easy to sell. eg Men’s black socks.Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Please explain Terry??? You’ve got my attention! Do u mean so that i start a business here,before i go? & use trip for business purposes? [confused2] How would that relate to taking the trip as a property investor,& it still being deductable??
Henry,
getting very complicated there…..
When on a trip, make two visits…..
1. to a RE AGENT, and get some brochures and business cards from them…. hence ” I was inspecting properties with a view to invest….”
2. To a bank or finance company… and…. as per above… get the brochures & business cards…. ” I was meeting so ans so from XYZ company with regards to financial backing of my company “
You are then sorted…..
Scott
Pelican Investments
http://www.pelican-invest.comYes AND keep a diary to rationilise WHY the trip is a deduction:
For example, you could spend 2 days seeing R/E Agents and IP’s then a days rest would be acceptable..
Re Terry’s advice on Socks, a friend who is a distrubitor of sports clothing used his Bali
HolidayI mean Business trip as a deduction, he picked up clothing samples and saw various manufacturers and shops there ( suprise, suprise you say..shops-in Bali ? ), keeping a diary also..He had no problems claiming the trip, just ask yourself…”if i was audited, how would i prove the legitimacy of the trip”…
If its all ‘kosher’ you shouldn’t have a drama..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHenry
I think the main issue, is ensuring you have documentary proof….
Making multiple trips I guess would be possible, but you may get a lot more questions….
If you have a company or trust struture going, then you have an easier time proving the legitimacy…. as far as personal deductions go… not sure…
Either way, your accountant is the place you should check for absolute sure on this issue…
Cheers
Wow![biggrin] I think my next trip will be business related![biggrin] (But i’d best check with my acnt first….) Thanx 4 the tips,on the trips!
If you don’t already own prty in the o/s country visited then would it not be a capital expense, and not deductible ?????
GMH –
I tend to agree – if you dont have property in that country then it may be a captial expense therfore not deductible.
However is it possible to argue that as you have properties in Aust – as part of your investing expenses – you are looking for investments overseas.
Any comments appreciated.
Originally posted by yack:However is it possible to argue that as you have properties in Aust – as part of your investing expenses – you are looking for investments overseas.
Yack nice point, from memory if you are selling wigdgets, in OZ and do a O/S sales trip, unless you are selling any O/S before the trip, the trip is capital.
I’m not checking the books this is from memory, but since then they have gotten tougher, so would not be optimisticDoes anyone in Thailand need to talk to a mortgage broker?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi all,
Not an accountant.
I would contend a purchasing trip would not be deductible but would be classified as a capital expense.
I would also argue that if you did have property O/S some travel may be deductible based on Australian Tax rules – but what about the country in which the income is earned.
There are (as I understand it) issues to do with income earned overseas and the deductibility of these expenses in the overseas country involved and whether or not costs incurred O/S costs can offset income earned in Australia.
Ultimately a highly skilled and knowledgeable tax accountant is required in each country.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by Terryw:Does anyone in Thailand need to talk to a mortgage broker?
Well, Terry, I could meet you there… and we both claim the trip expenses !!!
[lmao]
Scott
anything is deductible until you get caught
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