List Business Expenses that are of a Capital Nature - Accounting & Finance Assignment Help

Assignment Task

Practice Problem 2
List business expenses that are of a capital nature.

Practice Problem 3
Are these capital expenses or deductible under s 8-1?
1. Legal expenses of a footballer in the course of successfully appealing against a 2-month disqualification for punching a fellow player.
2. The cost of moving machinery to a new site as a result of the acquisition of new business premises.
3. The costs incurred by a butcher in defending a prosecution for selling possum meat. If the prosecution is successful, the owner will lose his licence to operate as a butcher.
4. White Pty Ltd is an Australian subsidiary of a Japanese car manufacturer; it imports cars that it sells in Australia. The Government introduces a quota system to protect the local industry. In response, White spends $1 million on advertising attacking the quota system, stressing the cost and quality advantages of its cars.

Practice Problem 4
Is there a sufficient connection in the following cases?
1. An employed lawyer incurs expenses in travelling 20 km from his house to get to work, because there are no buses or trains to work.
2. A law and commerce graduate incurs airfare and travel costs in going to Sydney to obtain a position with a major bank.
3. Costs of studying a commerce degree by an employee working as an assistant accountant.
4. Costs of studying a commerce degree by a full-time student.

Practice Problem 5
List non-deductible private expenses.

Practice Problem 6
Bruce is a factory worker who purchases steel-capped boots for work. He also buys sunglasses, which he uses only when driving to work. Are these deductible under ITAA 1997 s 8-1?

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