I know a lot of guys that kite surf that run their own companies like i do, and i have also found out that sponsoring peoples sporting activities is 100% tax deductible regardless of the actual sport. I have sponsored people before over the years.

SO, with this in mind, I spoke to my accountant and was told that I could sponsor whomever I choose...with one acception, They can't be related!

If you have a mate who runs a company, sole trader or registered business he can sponsor you for any gear(or kiting expense)that you may incur( at 100% tax deduction to him.)

Now comes the catch...why would he/she do this? He wouldn't.. but if you intern sponsor him/her back with the same amount at the same time, wouldn't you both get a tax deduction for that sporting activity?
Now i'm not exactly sure about what happens if you don't run a company etc and this idea won't work with everyone but if you check it out with your accountant and get together with a few mates you may be able to make this work.

Just a thought...I thought ...I'd share.
I know..I know...I've got too much time on my hands. And by the way I'm not an accountant...so check out any of this idea with your own accountant before you do anything!

Bite mwa!
Tone

I have never had to prove anything about the money I have given out in sponsorships over the years, to the tax department.

So sponsoring a kiting associate/mate (you so happen to know) should not be a problem... and hey they can wear a shirt bearing my name if they like....

Or a photo of my face!! even better~!

There is a difference between tax Evasion (Illegal) and Tax Avoidance (Perfectly Legal) through utilising a loop hole