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Conference Travel overseas

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Newbie

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My employer has suggested I attend a professional Engineering conference in the UK, the conference is directly related to my work and arranged by my professional registration body. Although I will receive my full salary while away, by boss has asked me to pay for my own flights and accommodation. Furthermore, he has asked me to travel on the weekends either side of the conference as not to use business time for travel. We have a UK office and I am to work there either side of the conference before and after the event.


Since the trip will be 100% work related, I assume I can claim 100% in my tax deductions?


Also, are tax deductions for the trip deducted from my tax bill or do they reduce my taxable salary? i.e. will I end-up out of pocket for the trip assuming the trip is fully deductable.
Many thanks

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ATO Certified

Taxicorn

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@Jim_jim22 

 

Yes this will be 100% tax deductible as long as it is work related.

https://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/travel-expenses.pdf

 

The cost will reduce your taxable income so yes you will be out of pocket.

The rate will depend on your marginal tax rate e.g. earn between $37,001 and $90,000 your marginal tax rate is 32.5%

So if you spend $10,000 you will only get back $3,250.

3 REPLIES 3
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Best answer

ATO Certified

Taxicorn

Replies 2

@Jim_jim22 

 

Yes this will be 100% tax deductible as long as it is work related.

https://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/travel-expenses.pdf

 

The cost will reduce your taxable income so yes you will be out of pocket.

The rate will depend on your marginal tax rate e.g. earn between $37,001 and $90,000 your marginal tax rate is 32.5%

So if you spend $10,000 you will only get back $3,250.

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Newbie

Replies 1

Thanks @macfanboy 

Please can you also assist with my other query:

 

If I purchase equipment for work use only such as a laptop and other engineering equipment to carry out my job – this equipment has been paid for by me and will not be reimbursed by my employer.

 

Will these deductions also reduce my taxable salary i.e. I will be out of pocket for these expenses also?

 

Thanks

 

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Taxicorn

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@Jim_jim22 

 

Yes to the engineering equipment and the laptop will need to be adjusted for personal use e.g. 80/20.

 

Anything that is over $300 will have to be depreciated over the effective life of the asset from the date purchased.