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Deduction Expenses under S4(a) (General deduction S33 (Factors to be…
Deduction Expenses under S4(a)
General deduction S33
Factors to be qualify for tax deductible
Outgoings and expenses must be revenue in nature
It must be incurred solely for that purpose
It must have been incurred during the basis period for a Y/A
It must be for the purpose of producing income
Interest Section 33(1)(a)
Rent Section 33(1)(b)
Initial expenditure
Fixed capital or circulating capital
Bringing into existence an asset
Lump sum payment
Business deduction Section 34
List of expenditure that are tax deductible under S34
Deduction for loss of cash (PR 4/2012)
Professional indemnity insurance (PR 3/2009)
Tax treatment of legal and professional expenses (PR 6/2006)
Deductible legal and professional expenses
Non-deductible legal and professional expenses
Secretarial fee and tax filing fee
Double deduction of expenses
Deductions not allowed (Section 39)