is collecting gold from the Perth mint tax deductible?

Discussion in 'Other Asset Classes' started by au contraire, 1st Feb, 2017.

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  1. au contraire

    au contraire Well-Known Member

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    Say someone travels from interstate to collect physical gold. Can some (or all) of the travel fees be claimed as a tax deduction?
     
    au contraire, 1st Feb, 2017
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Express post it. She'll be right. :rolleyes:
     
    Scott No Mates, 1st Feb, 2017
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    What income do you receive from gold?
     
    Terry_w, 2nd Feb, 2017
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  4. Ross Forrester

    Ross Forrester Well-Known Member

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    Travel costs to acquire a capital asset form part of the cost base of the asset.

    For some types of travel a reasonableness test is applied to assess the underlying intent of the expense. For example - I have a client in Paris who pays me around $500 a year. However if I flew to Paris in August to meet him the underlying question of the travel has to be questioned - am I seeing a client or going on a holiday?
     
    Ross Forrester, 2nd Feb, 2017
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  5. Ghoti

    Ghoti Well-Known Member

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    Depends on the collection method.

    I doubt balaclavas and a fast car would be deductible :rolleyes:
     
    Ghoti, 2nd Feb, 2017
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  6. au contraire

    au contraire Well-Known Member

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    Haha very funny ghosti
     
    au contraire, 2nd Feb, 2017
    #6