Advise tax consequences of the above facts in the case study, referring to appropriate legislation and case law.
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.