Forums / Getting Technical / Legal & Accounting / Tax deduction on seminar/course

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  • Profile photo of BeeBee
    Participant
    @bee19
    Join Date: 2017
    Post Count: 4

    Hi all,

    I’m a newbie and considering to do the property uplift program run by DG Institute, but I’m not sure if the cost of the program would be tax deductible.

    1. I currently do not own any investment property, if I sign up for the program with my name and do a land subdivision deal in the same FY, get some profit, would the cost of course be tax deductible?

    2. If I establish a company and use this company as a trustee for a trust, then sign up the program using the company/trust name. Assuming that I will use the trust to buy land and do subdivision, generate income from the subdivision, would the cost be deductible in this case?

    Thanks you all in advance.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Nope
    Nope

    This expense doesn’t relate to current income.

    If the trustee is conducting a business it could be deductible to some extent.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of BeeBee
    Participant
    @bee19
    Join Date: 2017
    Post Count: 4

    Thanks you so much for your advice Terry. I really appreciate your help!

    I’m wondering if the trustee(the company)is conducting a business,would it be a concern in term of asset protection in the future?

    Once again, your help is sincerely appreciated

    Thanks,
    Betty

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Asset protection is more of a concern if the trust is trading – negligence and contractual risks. You also get this when running a business of property too, but less so than if selling widgets etc

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of BeeBee
    Participant
    @bee19
    Join Date: 2017
    Post Count: 4
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