Call Now: (+61) 416-195-006
Bob and his brother Fred have been operating their wholesale business in partnership for 10 years. During the current tax year the business incurred the following expenses.
$
(a) Advice about restructuring the current partnership into a company 1600
(b) Cost of lodging last year’s partnership tax return 1500
(c) GST advice 1700
(d) Cost of successfully defending Bob in a tax audit 3000
(e) Interest on overdue tax 800
Explain the taxation implications of each of the expenses above, indicating whether or not each expense is deductible and, if deductible, under what section of the Income Tax Assessment Act.
Want to contact us directly? No Problem. We are always here for you