Question #1

Allowable Deductions are also known as General Deductions. Demonstrate the key requirements for an expenditure item to be tax deductible by the business in the year it is incurred? Refer to s8-1 (1) of Income Tax Assessment Act 1997 in your answer.

Your answer should be between 100 and 150 words

Question # 2

Analyse two allowances or concessions made available under the provisions of the tax act, amendments to the tax act or recent government initiatives such as the small business tax concessions that a small business owner or manager may wish to take advantage of? To allow your assessor to verify your response provide the source of where you obtained your information.

Your answer should be between 100 and 150 words.

Question # 3

Illustrate one area of a business that can cause a significant tax issue when commencing, expanding, operating or financing a business. Include how and why the tax issue arises and how it could be avoided, in your answer?

Your answer should be between 100 and 150 words.