Norm Runs a Phone Retail Business - Accounting & Finance Assignment Help

Assignment Task

1. Norm runs a phone retail business and incurs the following expenses. Briefly answer whether these expenses are deductible and refer to the relevant section.
a. Meals with business clients at a local restaurant, $389
b. Speeding fine incurred delivering a phone to meet a customer deadline, $260
c. Child support payments to his former wife, $23,900
d. Self-education expenses, $5,000, to attend a business degree course at university.

3. What deductions, if any, will be allowed in respect of the following? What limitations apply?
a. A parking fine incurred by a self-employed accountant while visiting a client on business.
b. A $50,000 bribe paid by a major development company to a local councillor on the eastern seaboard to obtain approval for a building project.

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