Tutorial 7 _Week 8_ - BLAW 30002 TAXATION LAW I TUTORIAL 7(Week 8 General Deductions Sunita Jogarajan [email protected] Objectives Be able to

Tutorial 7 _Week 8_ - BLAW 30002 TAXATION LAW I TUTORIAL...

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BLAW 30002 TAXATION LAW I TUTORIAL 7 (Week 8) General Deductions Sunita Jogarajan [email protected] Objectives 9Be able to understand and apply the general deduction rule in section 8-1 of the Income Tax Assessment Act 1997 to different types of expenses.
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BLAW 3002 Taxation Law I Page 2 of 2 QUESTION 1 Tim runs his own advertising agency. During the year he incurred the following expenses: xsalary costs of $200,000; xsalary costs of $10,000 for his daughter who worked with him for one week as part of her university training; xpayment of an employee’s higher education contribution payment (ie. HECS); xtravel expenses of $3,000 for travel between home and work; xtravel expenses of $1,000 for travel from a client’s premises to his home; x$1,500 on membership of the local sports club where he entertains clients; and x$3,000 in meal expenses on entertaining clients. Advise Tim of his tax consequences in relation to the above expenses.
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