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Additional Deductions Via Trusts

Discussion in 'Accounting, Tax & Legal' started by DaveA, 15th May, 2007.

  1. DaveA

    DaveA Well-Known Member

    Joined:
    19th Feb, 2007
    Posts:
    617
    Location:
    Sydney, NSW
    i was reading trust magic for DGG and it alerted me to some opportunities to have personal things in a trust name and gain a deduction.

    I know the internet is one, are there any others? Say phone bill or line rental for internet? Additional, if you connected a mobile phone, could you connect it under a business plan or is it still personal?

    Also if i do set the internet up who is the biller, is it ABC Trust or Mr ABC who then passes costs onto the trust? the book is good however it doesnt cover enough detail to tell us how to actually achieve this...

    Be good to know a full list of what could be claimed which couldnt be as an individual user.
     
  2. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    Hi Dave
    An expense is deductible to the extent it assists you to produce assessable income. Internet, phone etc - diary is required to substantiate the business %
    NIckM