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 . 2. Fines are generally not deductible inAustralia as they are regarded as publicpolicy issues. As a result it does not passeither of the positive limbs of S8-1 and iscaught by the negative limb. They arespecifically prohibited by other sections ofthe Act-S8-1(2)(d). S26-5 specifically deniesthem. Magna Alloys & Research Pty Ltd vFCT.

Section 8-1 of the income tax act 1997 state general deduction provision for Australian income tax…

Answered: Please show the proper way step by step…

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 .

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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Question

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 .

2. Fines are generally not deductible in
Australia as they are regarded as public
policy issues. As a result it does not pass
either of the positive limbs of S8-1 and is
caught by the negative limb. They are
specifically prohibited by other sections of
the Act-S8-1(2)(d). S26-5 specifically denies
them. Magna Alloys & Research Pty Ltd v
FCT.

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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