Overview
Advise tax consequences of the above facts in the case study, referring to appropriate legislation and case law.
important legislation
INCOME TAX ASSESSMENT ACT 1997
Division 25--Some amounts you can deduct
Division 26--Some amounts you cannot deduct, or cannot deduct in full
Division 40--Capital allowances
Division 43--Deductions for capital works
ITAA 1997 s8.
text book: Sadiq K. (general editor) 2018, Principles of Taxation Law, Thomson Reuters, Sydney.
Details regarding assessment is attached below