Source: Taxation In Australia Journal Article
Published Date: 1 Apr 2012
Section 25-5 of the Income Tax Assessment Act 1997 (Cth) is known as the provision under which taxpayers are able to claim deductions for the costs of completing their tax returns. Its scope, however, can be wider, extending to other tax-related costs and to costs incurred by an entity other than the taxpayer itself. This article explores the broader scope of the s 25-5 deduction.
The article examines in detail a pair of important court decisions in 2003, and draws two lessons from them. The first is to look beyond the obvious applications of s 25-5 when considering the availability of deductions for clients. The section can benefit clients beyond the costs of preparing income tax returns, and beyond the “obvious” taxpayer. The second is to ensure that adequate documentation is retained in relation to work performed for clients, rates applied to invoice work, and the manner in which items are invoiced.
Understanding the taxation of not-for-profits - Presentation 17 May 2023
Understanding the taxation of not-for-profits - Paper 17 May 2023
Tax Update: September 2017 - Presentation 05 Sep 2017
Arbitrage strategies - Remuneration of business owners - Journal 01 May 2016
Tax and the sale of a pre-CGT business - Journal 01 Apr 2016
Forgive but don't forget: CGT event C2 and related party loans - Journal 01 Sep 2015
Death and taxes: the threat of CGT event K3 - Journal 01 Aug 2011
IFRS - Paper 23 Mar 2005
IFRS - Presentation 23 Mar 2005
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.