Thinking about appointing a manager?
Then the High Court could be your best friendAustralian sportspeople can now claim management fees as deductions on their income tax returns, the High Court has ruled.
Fairfax websites are reporting the decision, which presumably provide a massive windfall for the likes of Ricky Ponting, who undoubtedly pay their managers or management groups plenty for negotiating playing contracts, sponsorships and other endorsements.
The decision doesn't have the same impact in motorcycle racing, which is a minnow in terms of monies generated compared to cricket, NRL and AFL, but any victory against the pesky tax 'man' - or the Commissioner of Taxation for those who prefer a more formal acknowledgment -- is worth reporting.
The landmark decision came about after the High Court upheld the appeals of two former AFL (David Spriggs) and NRL (Mark Riddell) players.
Their case was previously dismissed by the Full Court of the Federal Court.
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