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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2019 Income Tax Basics Day 2 Expenses
In this chapter of seminar notes we discuss the treatment of many expenses under the following broad headings:
• Advertising and sponsorship expenses
• Amortisations
• Bad debts
• Bank fees and charges
• Blackhole expenditure
• Borrowing costs
• Commercial debt forgiveness
• Cost of Goods Sold (’COGS’)
• Depreciation
• Directors fees, allowances etc
• Division 43 deductions
• Donations
• Electricity costs
• Entertainment
• Fringe benefits and Fringe Benefits Tax
• Goods and Services Tax (‘GST’)
• Hire purchase charges
• Insurance premiums (including WorkCover)
• Interest expenses
• Land tax on business premises
• Lease expenses
• Legal expenses
• Motor vehicle expenses
• Office stationery
• Penalties, fines and breaches of the law
• Phone expenses
• Postage expenses
• Prepayments
• Provisions in the financial accounts
• Rates on business premises
• Rent or lease of business premises
• Repairs and maintenance
• Research and Development (‘R&D’)
• Royalties paid
• Salaries and wages
• Subscriptions
• Superannuation contributions
• Tax-related expenses
• Trading stock
• Travel expenses
• Water rates on business premises