Exam 7: Specific Deductions Andapplications Ofdeductibility

Brad is currently working as a storeperson but he wants to do more with his life and so two years ago he has started studying engineering part-time at a local university. If Brad incurred the following costs during the year ($4,000 HELP repayment + $2,000 course fees + $500 textbooks + $200 stationery), is he entitled to any deduction for these expenses?

Susan Ross paid the following amounts to her registered tax agent. How much can she deduct under ITAA97 s25-5? 1 - Lodgement of her own income tax return $900 2 - Obtaining FBT advice $400 3 - Income tax advice on creating a partnership with her husband $1,000 4 - Objecting to the ATO regarding an expense that they disallowed in her income tax return $700

BGL Pty Ltd recently replaced the engine in one of its boats, used for charter boat tours, with a much larger (1/3^rd larger) more fuel efficient engine. Is this cost likely to be deductible as a repair expense under section 25-10 ITAA97?

Eve saw her accountant for advice in March 2020 and paid him $300 for that advice and she then saw her accountant again in May 2020 and paid him $400 for assistance in preparing and lodging her 2019 tax return. Which of the following statements is correct?

On 1 July 2019 Max Gawn borrowed $50,000 from an International Bank for use in his business. Max incurred legal and accounting expenses of $2,000 in arranging the ten-year loan. Which of the following statements is correct with regards to the Max's potential for an allowable deduction with regards to the costs of borrowing?