provision of GST advice 620 tax penalty imposed by the ATO for lodging his 2021 tax return late 230 general interest charge (GIC) imposed by the ATO for late payment 62 attendance at a tax audit by the tax agent involving a dispute with the ATO 1,800 What amount is deductible to Joe under Section 25-5 of the ITAA (1997) ?
provision of GST advice 620 tax penalty imposed by the ATO for lodging his 2021 tax return late 230 general interest charge (GIC) imposed by the ATO for late payment 62 attendance at a tax audit by the tax agent involving a dispute with the ATO 1,800 What amount is deductible to Joe under Section 25-5 of the ITAA (1997) ?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 47P: How do the all events and economic performance requirements apply to the following transactions by...
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Transcribed Image Text:Accounting
Joe owns his own optometry business, Perfect
Vision. He uses a registered tax agent to assist in
the preparation of the financial statements and
income tax affairs of the business.
Joe provides you with a summary of various
items charged to him by his tax agent during the
2021 income year:
preparation of the 2020 financial statements of
Perfect Vision
2,250
preparation of the 2020 income tax return of
Perfect Vision
740
provision of GST advice 620
tax penalty imposed by the ATO for lodging his
2021 tax return late 230
general interest charge (GIC) imposed by the ATO
for late payment 62
attendance at a tax audit by the tax agent
involving a dispute with the ATO 1,800
What amount is deductible to Joe under Section
25-5 of the ITAA (1997) ?
$2,540;
$2,602;
$3,222;
$4,852.
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