Motocross and taxes, what should I do?

Hard to compare different countries but one thing that seems to be the same across the globe is

If you want to claim deductions, then you must be earning something from that particular endeavour.

And of course if you are showing income from racing, then you would have to pay tax on that income. You can't win against the tax office and that is also something common to every country in the world.

The only way I can think of is to form a company and offset your expenses against your sons winnings but you really need to sit down with an accountant. The next time someone says to claim your milage etc, ask them "How do I do this?"

Hey Ben, down here a sponsors material gift is not taxable but a cash support is.

Frankly as he is still amateur and not a professional rider I'm thinking you can't claim any deductions; but I would spend a few bucks and have a quick talk to a tax accountant. It could save you a lot of tax or at least put your mind at rest.

I guess you got a helmet for him??

It would be interesting once you know the answers to read another post on the subject.

Cheers.