Hello there, I hold a number of Gold company shares in my SMSF and in my private portfolio , most of which are at the developing stage. I would very much like to conduct site visits in the future and would like to ask you about your experiences. Under what circumstances or conditions does the ATO recognize those visits as tax deductible expenses ?What part of the visit,if any,are deductible? Are there generally excepted policies for visits ?Are they run on a regular basis ? Do you have to be a broker or researcher ? Those are just a few that come to mind at the moment. If you have any experience with Gold mining company site visits and if you know how the ATO treats them ,I would much like to hear from you,as would ,I presume,many others. Thank you for your time
I would suggest contacting Dr Alex Cowie of Diggers & Drillers - he may have an opinion on site visits!
Although this ruling is dealing with a property trust, the principles are still the same, where you are a shareholder. I suspect that you will find the same outcome, of it not being a deductible expense. ATO ID 2001/415 Income Tax Travel Expenses to Inspect Trust Property http://law.ato.gov.au/atolaw/view.h...&Archived=false&recnum=1&tot=125&pn=ALL:::ALL Edit: However, also see this: http://law.ato.gov.au/atolaw/view.h...rchived=false&recnum=16&tot=1501&pn=ALL:::ALL
You are not just going to rock up to the gate. Mine sites in Australia have the most stringent WH&S rules in place. ANYONE who wants to get in the frontgate has to pass an exam covering topics such as ................ take this quick quizz. http://www.timi.com.au/assessment/quizzes.htm Your score?
Yes true Australia has the most stringent rules for OHS and environment management systems. The specific requirement vary between companies. Thus they has one of the best safety records of any country in the world within the Resources Sector.