As with most things, business travel is about balance. Corporate travel needn’t be a dull timetable of meetings if you plan well and incorporate a bit of recreation into your stint, balancing the business elements and the travel elements of a trip. And, as the advice shows, you don’t have to spend a lot to bring business and pleasure together for your next trip.
Deducting Travel Expenses
Travel expenses are tax deductible, so hang on to all those invoices and receipts. A company or sole trader can claim travel expenses for any activity directly related to the course of business. Employees should be reimbursed directly by the company. Deductions include flights, car hire or other travel to get to your destination as well as meals and accommodation away from the employee’s usual environment. Fees, such as conference fees, are deductible, as is entertainment related to work activity, for example a dinner for clients. Other forms of entertainment are not covered.
These deductions do have some fringe benefit tax implications, so see your tax accountant or check out the ATO website (www.ato.gov.au) for further details. A business cannot claim private components of a trip such as additional personal trips or travel undertaken by an accomplice unrelated to the business, so be sure to keep a record of what’s business and what’s personal.
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