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Claiming travel costs as a deduction?

Discussion in 'Accounting, Tax & Legal' started by johnnyb, 28th Aug, 2005.

  1. johnnyb

    johnnyb Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    190
    Location:
    Hobart
    Hi All,

    I will be travelling interstate to see my financial advisor in the near future (one of the disadvantages of living in Hobart). The discussion will include plans for our discretionary trust (of which my wife and I are trustees) and a HDT with a company trustee.

    Can one of the trusts pay for the travel expenses, even though the purpose of the trip is not solely for that trust? Or do I need to split the cost up and assign a bit to each trust and myself on next year's tax returns.

    Which raises another question - I believe it is acceptable for the trusts to pay for their trustees to undertake this sort of activity, , but can an individual claim financial planning costs (including travel) as a deduction in the same was as accounting fees?

    Thanks.

    John.
     
  2. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    Hi John
    See my other post where i answered this for you.

    Ultimately, it will depend on the service provided and the invoice.

    Cheers
    NickM