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Deductions Advice - Legal Expenses

LAWS 4008 - Revenue Law

7 Pages Essays / Projects Year: Pre-2021

Question 1 Identify the appropriate place in the 2013 Tax return where this expense of $3,500 should be claimed. When completing his tax return, Howard should enter the deduction of $3,500.00 for legal expensed on the “Deductions” section on Page 3 of the ‘2013 Tax Return for Individuals’. Specifically, Howard should enter the deduction at Panel E (D5) of the deductions section as the legal expenses were incurred as an expense that related to his work as an employee at Fountainhead Architectural Firm and cannot be claimed anywhere else on his tax return. Question 2 Provide a written explanation as to the basis for the expense to be deductible. General Deductions – Statutory Provisions The basis on which an expense is deductible is derived from the Income Tax Assessment Act (ITAA). Legal costs of Howard’s nature would be categorised as a general deduction, as they do not fall into any of the specific deduction categories. This means that the key provision of the ITAA that will afford Howard this deduction is section 8-1.


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