You and your father have decided to start a business dealing with mining supplies and have prepared a detailed business plan and finalised company incorporation documents.

Following this, you carried out a feasibility study to ascertain whether the venture would be viable.

You and your father jointly decided to cease the project due to a lack of funds and viability, but not before you incurred a $10,000 feasibility cost.

Required:

Would any income or deductions be permitted for tax purposes? Briefly discuss.