Question
In which section of which Act is the formula to calculate income tax liability located? a. s 6-5 of ITAA 1997 b. s 6-23 of
In which section of which Act is the formula to calculate income tax liability located?
| a. | s 6-5 of ITAA 1997 | |
| b. | s 6-23 of ITAA 1997 | |
| c. | s 4-10 of ITAA 1997 | |
| d. | s 21A of ITAA 1936 |
Complete Tapware is a small manufacturer of tapware. In order to secure new warehouse premises, Complete Tapware was required to prepay two years rent at a cost of $25,000 per annum. The lease commenced on the 1 May 2021. The taxpayer has elected not to apply the small business entity (SBE) concessions.
What is Complete Tapware's deduction in respect of prepaid rent for the year ended 30 June 2021 (ignoring the impact of any leap years)?
| a. | $25,000 | |
| b. | $4,178 | |
| c. | $50,000 | |
| d. | $8,616 |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
