Required: Discuss briefly, citing sections, whether the following amounts are deductible for the taxpayer (1 mark each).
i. The taxpayer purchased a new microwave oven (for $150) for the tenants to use in the taxpayer's rental property.
ii. The taxpayer, a sole trader, paid their accountant $2000 for tax advice regarding whether they should restructure their business structure from being in the form of a sole trader to a trust.
iii. The taxpayer, a practicing accountant, paid $2000 in HECS-HELP fees to undertake a Masters of Accounting at the local university.
iv. The taxpayer is a delivery business and has to pay speeding fines (incurred while undertaking delivery activities) in the amount of $500.

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i Purchase of microwave oven for tenants are taxdeductible because the expenses inc... View the full answer