Anyone Being Paid To Race?

[PHaT MR30]

The ATO isn't concerned about if the grid at Eastern Creek is full its concerned about people paying enough tax! Lol!

Advertising/Sponsorship should be proportionate IE if your business is turning over $1Mil and your spending $900,000 on Sponsorship and advertising alarm bells will be sounding.

Your accountant should be able to advise on an appropriate method and/or amount for sponsorship/advertising/marketing or find some creative way to justify it

[just_racing]

Well thanks guys. We can always rely on the Skylines members to get in a big debate over any topic. But seriouly thanks for the opinions it gives me something to consider.

I think from this I should be OK. Iam talking about $10k or so for a company with multi-million dollar turnovers per year.

[phunky_monkey]

I think you'll be fine mate. Not sure on the legalities of receiving sponsorship money without having a valid business set up, so may be worth talking with an accountant.