I recieve sponsorships from businesses and provide advertising on equipment. Is the cost of competition and upkeep of equipment deductible expenses against the sponsorship
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It would probably depend on whether your activity has a significant commercial purpose or character with an intention to make a profit or whether it would be classed as a hobby, a form of recreation or a sporting activity.
If it was the latter then any expenses claimed could be no more than income earned. You wouldn't be able to artificially create a tax loss which may or may not be able to be claimed off other income.
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It would probably depend on whether your activity has a significant commercial purpose or character with an intention to make a profit or whether it would be classed as a hobby, a form of recreation or a sporting activity.
If it was the latter then any expenses claimed could be no more than income earned. You wouldn't be able to artificially create a tax loss which may or may not be able to be claimed off other income.
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