Bringing 2013 travel expenses into tax year 2012?

[MelbMan]

Hi looking for ideas on how to bring tax year 2013 travel into 2012 tax year without actually booking tickets yet.

To explain have several os business trips to make, USA, China, UK but not able to lock in dates before Jun 30. Can you for example buy Qantas, Jetstar vouchers or other airlines? Park money in Jetstar, 28 Degrees or other travel cards.

Any suggestions appreciated!

 

[serfty]

Do you have a business or is this individual PAYG?

 

[MelbMan]

Hi Serfty it's business with an ABN. If vouchers, filling up something like a jetstar travel card won't work my last preference is to buy tickets now that are changeable. Normally these come at a cost. Definitely one o/s trip next year, Europe in May 2013 but could be 2 in nov. Always loathe to book too forward as sometimes doing so circumstances change.

Thanks John

 

[serfty]

Disclaimer: I am not an accountant.


If you are doing your business on a "Cash" accounting basis, income and expenditure is applied when the remittance occurred, not for the period it may have been for.

e.g. For GST: Cash and non-cash accounting

Maybe have a chat with your Accountant.

 

[MelbMan]

Yes I am on a cash basis so anything bought before Jun 30 will be deduction for this financial year

 

[Deleted member]

Maybe talk to a friendly TA. And pay now fly later?

 

[serfty]

WHo do you intend to travel with?

Are you locked in to any one carrier/alliance?

Maybe look here FOR *A: http://www.australianfrequentflyer....idend-miles-buy-gift-21844-55.html#post622691

Otherwise, maybe some Qantas Gift Vouchers: http://www.australianfrequentflyer....m/qantas-flight-voucher-promo-earn-35016.html (The promotion is finished, but they are still available - just make sure the purchase is less than the base fare and it's bookable ex Oz)

 

[CWM]

Buy a bunch of miles now (eg AA) and use them for your travel later?

 

[trippin_the_rift]

Book a few fully refundable first class europe trips now and pay for them.

Cancel and keep it in credit for later.

 

[MelbMan]

Thanks guys, some very positive suggestions. Trippin_the_rift I like the way you think! Possibly mainly a Qantas/Jetstar flyer so QF might make the most sense. Don't like their share price much at the moment however.