general discussion, page-1288

G’day Tropic,
On your matter regarding trip to Canada, to claim the travel as tax deduction, some points to be aware of:
* There needs to be a sufficient connection between your travel and your investment in LMG. If you travel solely for the meeting then it will have a tax consequence;
* If the travel is predominantly private then a portion of the cost will have a tax effect. Eg, If you go to Canada for 2 weeks and do the touristy thing and the conference is for 1 day, then you could only claim 1/14 of the cost of the trip.
* Costs would include travel, accommodation, and food on the day of the conference;
* You will need to keep a travel diary which would most likely be presented to the ATO in the event of an audit
* As LMG do not pay dividends, and it’s fair to say that they have no prospect of paying dividends in the near future, then I doubt the costs would be tax deductible in the year you paid. As a result, they would form part of the cost base of your shares for capital gains tax purposes. So you should keep a record of your travel costs for when you sell the shares.
Hope this sheds some light.