Are there any legitimate ways of getting some tax cuts from all the money you spend on karting if you are a normal employee, i.e. work a normal job and get paid a wage/salary?
My daughter is a Tax Lawyer. Her advice is - "Get the best advice possible"! - typical of a lawyer I guess!
Ive got this Im off my nut thing ready for when they turn up I have been laying the foundation for years LOL
dont spend what you havent got try frisbees they are cheep.
i have a great way to get some money back on tax it works really good
if you would like instructions of how'> write to me
ted kelly cell 44 longbay hey i didnt say it worked
Short answer yes you can but the main condition was it must be justified that it is a legitimate advertising and promotional activity and monitored through sponsorship vs total financial turnover. Also the very vague but 'defined' response each time is any sponsorship or advertising within an amateur area must be within arms length of the business' main activity. Finding another small business (preferably company) and sponsoring each other an agreed amount and having all the paperwork in place is the only option that may work - but limited to how much money you make and the related activities you pursue to increase income (the point of advertising and sponsorship).
Basically you can not sponsor yourself to compete or partake in a hobby. If it becomes professional OR there is clear exposure to the general public (and therefore customers) your door may be open, slightly. So karting wise unless you have large financial income (was told sponsorship totaling more than 5% of total income will almost definitely get flagged) looking to only compete at sponsored state/national level events with mainstream media coverage, signage, sponsorship agreements/contracts, time frames, monetary figures and a proactive presence at every event you are represented, I wouldn't push your luck...
ATO does not sponsor hobbies and without prize money go karting is DEFINITELY considered a hobby outside the upper echelons.