This paper discusses section 51(1) of the ITAA. The background of the section and its basic principles are outlined. The symmetry of the section, the necessary nexus and the exclusionary provisions are all discussed in the context of a number of cases on deductions for expenditure.
This paper was also presented on 20 October 1995 at the "Tasmanian Seminar: A Celebration of Taxation by the Sea".
Materials from this session: