tax deduction

Business client tax loss deduction denials

  Business owner clients may need to be reminded that they should not get too creative if they’ve thought how handy it would be to absorb a business loss as a tax deduction — especially under certain circumstances as described below. The ATO has the discretion to disallow the deduction of a tax loss if,

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What types of legal expenses are tax deductible?

What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of

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