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Discuss whether a deduction would be allowable for the following: 1. Provision for the estimated amount of trade debtors' accounts which might not be collected. 3. Fines paid by a bookmaker for conducting illegal off-course betting activities. An amount of $450 paid to a solicitor for preparing a partnership

Discuss whether a deduction would be allowable for the following: 1. Provision for the estimated amount of trade debtors' accounts which might not be collected. 3. Fines paid by a bookmaker for conducting illegal off-course betting activities. An amount of $450 paid to a solicitor for preparing a partnership

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please show the proper way step by step how to do the calculation.Please show the proper way step by step how to do WRITE  if based on Australia Taxation . Please indicates cases are relevant.

Question 5.3 Discuss whether a deduction would be allowable for the following: 1. 2. 3. 4. Provision for the estimated amount of trade debtors' accounts which might not be collected. Fines paid by a bookmaker for conducting illegal off-course betting activities. An amount of $450 paid to a solicitor for preparing a partnership deed. The expense incurred by the production manager of a large firm of travelling overseas to purchase a new computer.
Transcribed Image Text:Question 5.3 Discuss whether a deduction would be allowable for the following: 1. 2. 3. 4. Provision for the estimated amount of trade debtors' accounts which might not be collected. Fines paid by a bookmaker for conducting illegal off-course betting activities. An amount of $450 paid to a solicitor for preparing a partnership deed. The expense incurred by the production manager of a large firm of travelling overseas to purchase a new computer.
5. 6. 7. 8. 9. The salary of a housekeeper employed by a taxpayer who conducts a business which demands attendance in the city during the day. The cost incurred by a company operating a drive-in theatre to reconstruct a public access road, converting it from a gravel road into a more wear-resistant bitumen road. Newspapers purchased by an accountant who advises clients on financial and investment matters. The cost of dog food and veterinary expenses in respect of two dogs used by a scrap metal dealer as watchdogs. The cost incurred by an insurance consultant for a home phone answering service used to record calls while out. (It is estimated that half of the calls recorded are private. However, prior to accepting his position as an insurance consultant the taxpayer did not have an answering service.) 10. Travelling expenses incurred by a school teacher in using her own car to attend sports afternoons. The sporting activities were at a nearby field and the only alternative means of transport was to walk.
Transcribed Image Text:5. 6. 7. 8. 9. The salary of a housekeeper employed by a taxpayer who conducts a business which demands attendance in the city during the day. The cost incurred by a company operating a drive-in theatre to reconstruct a public access road, converting it from a gravel road into a more wear-resistant bitumen road. Newspapers purchased by an accountant who advises clients on financial and investment matters. The cost of dog food and veterinary expenses in respect of two dogs used by a scrap metal dealer as watchdogs. The cost incurred by an insurance consultant for a home phone answering service used to record calls while out. (It is estimated that half of the calls recorded are private. However, prior to accepting his position as an insurance consultant the taxpayer did not have an answering service.) 10. Travelling expenses incurred by a school teacher in using her own car to attend sports afternoons. The sporting activities were at a nearby field and the only alternative means of transport was to walk.
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