Benjamin operates a business in Toowoomba selling harnesses and other equipment related to Greyhound Racing. Benjamin estimates that at least 80% of his sales are made to customers in the Greyhound Racing industry and the remaining 20% to those with domestic pets. In September 2021, the state government introduced draft legislation which would ban all forms of competitive Greyhound Racing. The legislation was very controversial and various lobby groups were formed to attempt to stop this legislation from passing. Benjamin engaged a solicitor to advocate and communicate with other lobby groups on his behalf. Benjamin was very concerned for the viability of his business should the legislation proceed. The legal fees associated with this campaign amounted to $60,000 in the 2022 income year. Additionally, as Benjamin did not have the money to finance this, he incurred $5,000 in interest payments on a loan used to fund the campaign.

Advise Benjamin as to the potential deductibility of either of the above amounts in the year ended 30 June 2022 and additionally any further information you would require.