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A taxpayer purchased land at a cost of $520,000 and constructed new legal offices costing $1,300,000. He paid this construction expenditure on 9 November 2019
A taxpayer purchased land at a cost of $520,000 and constructed new legal offices costing $1,300,000.
He paid this construction expenditure on 9 November 2019 and commenced using the building from that date.
What amount can the taxpayer claim as a tax deduction (to the nearest $1) in the year ended 30 June 2020 under Div 43 ITAA97?
Select one:
a. $1.82m
b. $1.3m
c. $20,867
d. $19,233
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