Miscellaneous 2006

Digging for gold in black holes: Black hole expenditure - what's fixed and what isn't?

Source: Victoria

Published Date: 6 Oct 2006

 

“The Lord giveth and the Lord taketh away”. He’s not the only one. The welcome reform of the provisions for deductibility of expenditure otherwise unrecognised in the tax system (so-called “black hole expenditure”) was accompanied by an expansion of the rules defining amounts included in the CGT cost base, thus making those amounts non-deductible under the black hole rules. This presentation discusses that feature of the reform, including:

  • identifying “capital expenditure”, especially in start up contexts
  • the meaning of “in relation to” the relevant “business”, for example, in a business acquisition context
  • what expenditure on someone else’s business will be deductible.

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Digging for gold in black holes: Black hole expenditure - what's fixed and what isn't?

Author(s): Tim Neilson CTA-Life

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