Dear Community,
We have parked funds overseas to leverage high interest rates.
This has required us to meet with our bank annually as well as pay taxes overseas.
1/Are these expenses deductible? e.g. travel overseas to meet with bankers, accounting expenses for tax filing etc.?
2/ Is there an income threshold that will qualify any deductible expenses?
Thanks in advance.
Regardless of whether you maybe paying tax on this interest in Australia, the expense of travelling to meet with your banker is a private one, just like any other person that lives in Australia and travels to their banker located in Australia, and is therefor not an allowable deduction.
If this interest does not form part of your taxable income in Australia due to double tax agreements or any other reasons, then your accounting and filing income tax return expenses relating to that interest are not allowable.
There are no income thresholds that will make or qualify an expense as an allowable deduction. An expense is either allowable or it is not.
Regardless of whether you maybe paying tax on this interest in Australia, the expense of travelling to meet with your banker is a private one, just like any other person that lives in Australia and travels to their banker located in Australia, and is therefor not an allowable deduction.
If this interest does not form part of your taxable income in Australia due to double tax agreements or any other reasons, then your accounting and filing income tax return expenses relating to that interest are not allowable.
There are no income thresholds that will make or qualify an expense as an allowable deduction. An expense is either allowable or it is not.
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