Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NEED THIS QUICK PLEASE Which one of the following statements is true and WHY ? If a company gets a three-year loan (using the loan

NEED THIS QUICK PLEASE

Which one of the following statements is true and WHY?

If a company gets a three-year loan (using the loan funds in its manufacturing operations) and the borrowing costs (such as bank charges for establishment fees) for the loan are over $1,000, then the company cannot claim an immediate deduction for the entire borrowing costs.

If an individual taxpayer has allowable deductions for work related expenses of $350 in an income year, they are only required to provide substantiation for $50 of these expenses.

If a taxpayer s motor vehicle has traveled 6,000 business kilometres in an income year, then the deductible amount applying the cents per kilometre method in Division 28 ITAA97 is $3,960.

A company can claim as a tax deduction against its assessable income, any payments of income tax it has paid.

If a loss or outgoing satisfies one of the positive limbs in section 8-1 ITAA97 an immediate deduction is available and there is no need to consider the negative limbs in section 8-1 ITAA97.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Essentials Of Machine Learning In Finance And Accounting

Authors: Mohammad Zoynul Abedin, M. Kabir Hassan, Petr Hajek, Mohammed Mohi Uddin

1st Edition

0367480816, 978-0367480813

More Books

Students also viewed these Finance questions

Question

2. What are implementation intentions?

Answered: 1 week ago

Question

5. Prepare for the role of interviewee

Answered: 1 week ago

Question

6. Secure job interviews and manage them with confidence

Answered: 1 week ago