FAQ 13 Can I claim the cost of these seminars as a tax deduction?

Hello Guys,

To answer this question we have to refer to our accountants ultimately. They will be the ones who put together ones personal tax return and although they are not responsible for the return ( the tax payer is fully responsible so read the draft accounts that the accountant supplies very carefully) they like to get things correct.

The ATO says the following about education and training:-

http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~Self~basic~exact:::AND~education~basic~exact:::AND~expenses~basic~exact&target=JA&style=java&sdocid=AID/AID200384/00001&recStart=1&PiT=99991231235958&Archived=false&recnum=7&tot=506&pn=ALL:::ALL

AND

https://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties—claiming-travel-expenses-deductions/?page=8

Also have a look at these documents:-

http://www.bantacs.com.au/newsflash/Newsflash_247_15th-May-2012.pdf

Basically, if a person/entity does not have an investment property before the seminar, it will be a bit hard to claim expenses for the investment property seminar. If a person/entity does have an investment property already, it may depend on how long the property has been owned and the exact contents of the seminar. A claim may be possible only on a certain percentage of the seminar expenses, not all of them. Not that easy. Request a private ruling  to make sure that the claim is substantiated.

The following podcast also adds to the above:

[PODCAST] Nexus and Claiming the Cost of Education On Tax – What You Must Know!

After reading/viewing these if you have any further questions then contact your accountant OR Wizdom Accounting

Michael & Sara
Ultimate Coaches

The information supplied is general only and not intended to replace professional advice. As coaches we do not provide advice on what or where to buy or to assess the suitability of a property. We advise students to perform their own due diligence when considering a property purchase.