Sandra paid $440 in fees to an accounting firm to prepare her previous year’s tax return....
Sandra paid $440 in fees to an accounting firm to prepare her previous year’s tax return. She also paid the firm $1,100 to seek a private ruling about whether shares that she had recently sold are subject to CGT. Advise Sandra whether she is entitled to deductions for her expenditure.
Homework Answers
| $440 paid for previous year’s tax return | Not deductible under s.6-1 since it is about tax return. |
| $440 paid for previous year’s tax return | But deductible under s. 25-25 since it allows deduction of tax related expenses. |
| $1,100 paid to seek a private ruling | Deductible under s. 25-25 since it is not capital in nature. |
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