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Goodluck with that rationale if the ATO come calling.

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WoodySpoon

10,237 Posts.

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11/07/23

21:21

Post #: 68737007
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Originally posted by manny100: ↑

I would not say yes or no just yet to a tax deduction.
Depends on how it's structured.
If its not a gift or donation but a payment towards actual costs then why would it not be deductible against eventual GCT.
It's a fund set up to assist with legal costs.
It's a payment towards legal action or advice to protect an investment.
If you were 'going solo' on an action to protect your investment, it may well be deductable against capital gains after the asset is sold. You actually would expect that.
It would depend on how its structured. Eg, The money would actually have to be spent on the endeavour and you would need an acknowledgment of this.
The question to ask is why wouldn't it be deductible. After all, the cost of a postage stamp to mail your Company meeting voting slip would be deductible.
Just a few thoughts DYOR.

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Goodluck with that rationale if the ATO come calling.

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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Goodluck with that rationale if the ATO come calling.

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