Computations Of Net Income From Partnership â€Myassignmenthelp.Com

Question: Discuss About The Computations Of Net Income From Partnership? Answer: Introducation The amount of sales made will be liable for assessment under section 6-5 of the ITAA 1997 (Woellner et al. 2016). An interest expense on loan has been incurred which shall be considered to be allowable business deductions under section 8-1 of the ITAA 1997 A travelling expense was incurred by Johnny which will be allowed as deductions under section 8-1 of the ITAA 1997 (Mellor 2016). Office building renewal fees and cost incurred for documentation are considered to be business expenses. Therefore, under 8-1 of the ITAA 1997 they will be liable for allowable business deductions (Pinto 2013). Expenses on debt collection, salary of employees and council will be regarded for allowable business deductions under the purview of the 8-1 of the ITAA 1997. Bad debt represents a business loss and the same shall be accounted for allowable income tax related deductions under 8-1 of the ITAA 1997 (Blakelock and King 2017). Reference list: Blakelock, S. and King, P., 2017. Taxation law: The advance of ATO data matching.Proctor, The,37(6), p.18. Mellor, P.W., 2016.A Model for a State Income Tax in Australia: Historical Considerations, Key Design Issues and Recommendations(Doctoral dissertation, Monash University). Pinto, D., 2013. State taxes. InAustralian Taxation Law(pp. 1763-1762). CCH Australia Limited. Woellner, R., Barkoczy, S., Murphy, S., Evans, C. and Pinto, D., 2016. Australian Taxation Law Marketing.OUP Catalogue.