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Essay

Tax planning

Essay specific features

 

Issue:

Business

 

Written by:

Steven B

 

Date added:

September 8, 2012

 

Level:

University

 

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No of pages / words:

5 / 1221

 

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9027 times

 

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Essay content:

Thus, the taxpayer's intention and motive for incurring the expenditure must be considered. Often, most expenditure are dual purposes. Although in principle, dual-purpose expenditure would fail the "wholly and exclusively" test, the Comptroller may apply rules of apportionment. "Incurred" Using the cases of New Zealand Flax Investments Ltd v FCT (1938) 61 CLR 179 and CIR (Hong Kong) v Lo & Lo (1984) WLR 986, an expense is "incurred" as long as there is a liability to pay and such expense is deductible, taking into account that this does not necessarily mean that the expense has been paid...
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In other words, one can deduct expenses where the liability to pay arises during the same tax year of the income. With effect from YA 2004, as a concession, all expenses of a revenue nature and not prohibited under s15 that are incurred from the first day of the accounting year in which a business derives its first dollar of trading receipt will be deductible...
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