Discussthe general requirements governing the deductibility of gifts; (5 Marks)
whether an expense incurred after cessation of business is deductible for purposes of s 8-1 of the Income Tax Assessment Act 1997. (5 Marks)
Your answers must be supported by reference to relevant legislation, caselaw, and/or tax rulings.

Answer rating: 100% (QA)

1 Deductibility of Gifts 5 Marks The deductibility of gifts in Australia is governed by Section 3015 of the Income Tax Assessment Act 1997 ITAA 1997 A... View the full answer