I am looking at getting a personal credit card to use solely for work related travel expenses (meals, airport car parking etc.). I wanted to find out if I can claim the annual fees and surcharges for this?
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I would say not. This link explains the deductibility of transaction fees. However account keeping fees are not deductible. It doesn't specifically mention the annual fee on a credit card but I would assume this would be similar to an account keeping fee.
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I would say not. This link explains the deductibility of transaction fees. However account keeping fees are not deductible. It doesn't specifically mention the annual fee on a credit card but I would assume this would be similar to an account keeping fee.
In this link it does say you can claim "bank fees" however. I am confused here as I would typically associate an "account keeping fee" as a type of "bank fee" for it is a service provided by the bank to maintain an account that they charge for. Is there anywhere the ATO defines the difference between "bank fees" and "account keeping fees"?
Could a monthly credit card fee be a "bank fee" as it is a separate service charged by the bank that differs from the fees for maintaining accounts that contain a person's own money?
Any further insight would be much appreciated!
Ah, but that link is for employees claiming expenses used for work. Rules are different for businesses.
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