James is self-employed and all the expenses below relate to his business.

• An application fee of $820 to a bank to arrange the loan. The loan is eventually negotiated for a term of 18 years and commenced on 1 May current year
• Stamp duty of $4900, valuation fees of $3400, and legal expenses of $5100 are paid with respect to the above loan.

The amount of deduction that James can claim for the current income year for the above expenses = [A]

Answer rating: 100% (QA)

The computation for the deduction that James may claim for the borrowing expenditures Here are the s... View the full answer