Australian sports stars will be able to claim agents' fees as tax deductions after a landmark ruling by the Australian High Court.
The decision, which was reached by the Court on June 19, will allow some of Australia's highest paid sports stars to deduct the fees they pay agents to negotiate their playing contracts.
The Court's ruling revolved around a case lodged by rugby league player Mark Riddell and Sydney Swans AFL player David Spriggs in 2005. The two men fronted the legal battle against the Australian Taxation Office after it rejected their attempts to claim thousands of dollars worth of management fees back in that year's tax return.
The court's decision will benefit both the country's major sporting personalities and ordinary athletes who are represented by agents.
Generally, players are required to pay managers around 5% of their income from playing, and as much as 20% of the income they earn from other promotional activities.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment