Question
Jeremy runs his own public relations business. During the year he incurred the following expenses: (a)salary costs of $500,000; (b)salary costs of $5,000 for his
Jeremy runs his own public relations business. During the year he incurred the following expenses:
(a)salary costs of $500,000;
(b)salary costs of $5,000 for his daughter who worked with him for one week as part of her university training;
(c)travel expenses of $7,000 for travel between home and work;
(d)travel expenses of $3,000 for travel from a client's premises to his home;
(e)$1,500 on a new suit to impress his clients;
(f)$700 on membership of the local sports club where he entertains clients; and
(g)$8,000 in meal expenses on entertaining clients.
Advise Jeremy of his tax consequences in relation to the above expenses
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