Required: Briefly describe which of the following deductions would be deductible under section 8-1 if the relevant specific deductions mentioned did not exist in the legislation (citing authority ) .Donation to a charity (which assists homeless persons) by an employee lawyer, where the donation is deductible under Division 30.Repairs to office premises owned and used by a business which are deductible to that business under s 25-10.Depreciation deductions under Division 40 for a car owned and used by a delivery business for undertaking deliveries.An employee deducts amounts payable to their registered tax agent for defending themselves against an ATO tax audit under s 25-5.

Even if the mentioned deductions are not explicitly stated in the legislation, donations made by an…

Answered: Required: Briefly describe which of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required: Briefly describe which of the following deductions would be deductible under section 8-1 if the relevant specific deductions mentioned did not exist in the legislation (citing authority ) .

Donation to a charity (which assists homeless persons) by an employee lawyer, where the donation is deductible under Division 30.
Repairs to office premises owned and used by a business which are deductible to that business under s 25-10.
Depreciation deductions under Division 40 for a car owned and used by a delivery business for undertaking deliveries.
An employee deducts amounts payable to their registered tax agent for defending themselves against an ATO tax audit under s 25-5.

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