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Assignment Task Two Section 8-1 of the 1997 Income Tax Assessment Act provides, inter alia, that: all losses and outgoings to the extent to which
Assignment Task Two
Section 8-1 of the 1997 Income Tax Assessment Act provides, inter alia, that:
all losses and outgoings to the extent to which they are incurred in gaining or producing assessable income are allowable deductions except to the extent they are losses or outgoings of a private or domestic nature.
Required:
Discuss the judicial tests applied to the evaluation of the term private and domestic in reference to s8-1. (approx. 300 words)
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