ACCT2331 Chapter 14: Chapter 14
Document Summary
14. 2 tax-related expenses (s 25-5 itaa97) [p393: taxpayers allowed deductions to the extent that expenditure is incurred in managing their "tax affairs, deductions expressly denied for: Fees paid to persons who are not "recognized tax advisers" ^note however: advice for a capital item is not a capital expenditure itself (s 25- Nature of a repair [394: taxpayers allowed deductions for non-capital expenditure on "repairs" to premises and depreciating assets held or used for the purpose of producing assessable income, nature of a repair: Can involve the "renewal or replacement of subsidiary parts of a whole" but not. Involves restoring an asset to its previous condition without changing its character (w thomas) Replacement and restoration [p396: repair often involves the replacement of parts of an asset with new parts deductible (rhodesia railways, extensive works may constitute the acquisition of a new asset rather than a repair .
