Last updated June 2011
People promoting investment seminars often say that the costs incurred in attending their seminars are tax deductible. This is not correct in all instances.
The ATO undertook an audit program specifically looking at people who claimed investment seminar expenses. The results showed that adjustments were necessary in most of the cases reviewed. The most common error is failing to apportion between the time spent on topics related to current income-producing activities (tax deductible) and the time spent on topics related to future income-producing activities (not tax deductible).
You should take particular care when making these claims and have all relevant documentation available for examination if required.
Please contact us if you have incurred these kinds of expenses so we can ensure that you don't incur the wrath of the taxman.
Other
relevant articles:
Deductible expenses for:
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