Tax Fundamentals – Allowable Deductions

The hot topic in income tax is expense deductibility; mastering the legislative framework and key case law is crucial for tax professionals to systematically handle client expenditures.

The most discussed topic when it comes to income tax matters is the deductibility of expenses.  Understanding the legislative framework for general deductions, as well as key case law dealing with core principles, is of paramount importance for tax professionals, allowing a systematic approach to determining how to treat expenditure incurred by clients

The positive and negative limbs of the general deduction provision, whilst seemingly simple, require thorough analysis, and we will do this with discussion of important case law.

Key matters considered in the session include:

• General deductions and the positive limbs
• General deductions and the negative limbs, with particular focus on capital expenditure
• Specific deductions
• Specifically non-deductible amounts
• Timing of deductions
• Trading stock

Access all the courses in this series:

Allowable Deductions

Assessable Income

Business Structures

Capital Gains Tax

Tax Administration

Tax Reconciliations

Learning Outcomes:

Attendees will 

• Understand the legislative provisions dealing with general and specific deductions
• Consider case law dealing with key principles, particularly the capital / revenue distinction

Suited to:

Particularly suited to those beginning their tax/accounting careers, however it could potentially be a refresher for those in the early years of their careers

This On Demand recording Includes: 

• Recording of the Live Webinar, which can be viewed multiple times, for as long as required 
• Presenters contact details for follow up questions 
• CPD Quiz
• CPD Certificate 
• CPD Report – Logged automatically 
• PowerPoint Presentation
• Verbatim Transcript, with Searchability
• Supporting Documentation