The concept of allowable deductions forms a critical part in determining a taxpayer’s liability to income tax. In this practical session, aimed at a junior audience or those seeking a refresher course, gain an understanding of what constitutes an allowable deduction for Australian tax purposes and how it applies to your clients and business.
Session outline
Topics include:
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When the question of whether or not deductions are allowable arises
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The positive and negative limbs of the general deduction provision under section 8-1 of the ITAA 1997
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Some of the specific deductions contained in the tax Acts
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Certain expenditure that the tax Acts do not permit taxpayers to deduct
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The anti-avoidance provisions in Part IVA of the ITAA 1936
Session inclusions
All delegates will receive a copy of the presentation and any handouts.
Who should attend
Those working in either practice or business working with income tax.
CPE Hours
Earn 1.5 CPE hours
Presenter
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Bruce Thomas
Senior Tax Trainer
The Institute of Chartered Accountants in Australia
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