Specific Deductions

Question 1

What are some deductions for determining tax?

Answer 1

Deductions for:

• Determining Assessable income
• Calculating GST
• In preparing an objection

Question 2

Expenditure on interest

Answer 2

Allowable deduction for interest incurred if it still satisfies the general permission.

Question 3

Exemptions for compaines to deducte interest

Answer 3

Qualifying companies

Companies deriving only exempt income

Question 4

Cost of revenue account property

Answer 4

Expenditure as a cost of revenue account property

**Must satisfy general permission

Question 5

Can legal expenses be deducted?

Answer 5

If under $10,000

**Must satisfy general permission

Question 6

When are deductions incurred on a cash basis?

Answer 6

Income year constructively paid, when cash or cash equivalent paid

Question 7

When are deductions incurred on an accruals basis?

Answer 7

When definitely committed or completlety subjected

Question 8

What can we do with tax loses?

Answer 8

Subtract from NI in future years

make available to another person to subtract from other persons NI for that or future yeards