Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income. Provision of doubtful debts of $4,200 for a detective agency. Speeding fines of $ 700 paid by an owner to a driver. An amount of $1,000 paid to a solicitor for preparing a partnership deed. Travel cost of a business executive to attend a trade fair in Munich paid by the employer. 5 Newspapers purchased by an accountant who advises clients on financial and investment matters

Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income. Provision of doubtful debts of $4,200 for a detective agency. Speeding fines of $ 700 paid by an owner to a driver. An amount of $1,000 paid to a solicitor for preparing a partnership deed. Travel cost of a business executive to attend a trade fair in Munich paid by the employer. 5 Newspapers purchased by an accountant who advises clients on financial and investment matters

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 28P

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Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income. Provision of doubtful debts of $4,200 for a detective agency. Speeding fines of $ 700 paid by an owner to a driver. An amount of $1,000 paid to a solicitor for preparing a partnership deed. Travel cost of a business executive to attend a trade fair in Munich paid by the employer. Newspapers purchased by an accountant who advises clients on financial and investment matters. For tax purpose, in what circumstances are individuals and companies treated as residents of Australia? Explain based on the the Income Tax Assessment Act 1936 (Cth) and relevant case law.
Referring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. Provision for the estimated amount of trade debtors’ accounts, which might not be collected. An amount of $9,000 paid to a solicitor for preparing a partnership deed. Newspapers purchased by an accountant who advises clients on financial and investment matters. Travel cost of a business executive to attend a trade fair in London paid by the employer. 5. Speeding fines of $ 500 paid by an owner to a driver.
Referring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. a) Provision for the estimated amount of trade debtors’ accounts, which might not be collected. b) An amount of $9,000 paid to a solicitor for preparing a partnership deed. c) Newspapers purchased by an accountant who advises clients on financial and investment matters. d) Travel cost of a business executive to attend a trade fair in London paid by the employer. e) Speeding fines of $ 500 paid by an owner to a driver.
Referring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. Provision for the estimated amount of trade debtors’ accounts, which might not be collected. An amount of $9,000 paid to a solicitor for preparing a partnership deed. Newspapers purchased by an accountant who advises clients on financial and investment matters. 4. Travel cost of a business executive to attend a trade fair in London paid by the employer.
Question: Referring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. Provision for the estimated amount of trade debtors’ accounts, which might not be collected. An amount of $9,000 was paid to a solicitor for preparing a partnership deed. Newspapers are purchased by an accountant who advises clients on financial and investment matters. Travel cost of a business executive to attend a trade fair in London paid by the employer. Speeding fines of $ 500 paid by an owner to a driver
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