shopping_cart

Your shopping cart is empty

Section 25-5: More than meets the eye?

Taxation in Australia | 1 Apr 12
 
Member Price: $22.00
Non Member Price: $28.00

DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 01 Apr 12 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Section 25-5 of the Income Tax Assessment Act 1997 (Cth) is known as the provision under which taxpayers are able to claim deductions for the costs of completing their tax returns. Its scope, however, can be wider, extending to other tax-related costs and to costs incurred by an entity other than the taxpayer itself. This article explores the broader scope of the s 25-5 deduction.

The article examines in detail a pair of important court decisions in 2003, and draws two lessons from them. The first is to look beyond the obvious applications of s 25-5 when considering the availability of deductions for clients. The section can benefit clients beyond the costs of preparing income tax returns, and beyond the “obvious” taxpayer. The second is to ensure that adequate documentation is retained in relation to work performed for clients, rates applied to invoice work, and the manner in which items are invoiced.

Author profiles

Phillip Browne CTA
Philip is the Managing Partner with CABEL Partners. - Current at 01 March 2012
Click here to expand/collapse more articles by Phillip Browne.
Matthew Eakin
Matthew is a Tax Consultant with CABEL Partners.
  • Current at 1 March 2012
    • Click here to expand/collapse more articles by Matthew Eakin.
    Kaylene Hubbard ATI
    Kaylene Hubbard, ATI, is a Tax Partner with KPMG Enterprise and is the Managing Partner of KPMG’s office in Greater Western Sydney. Kaylene’s experience spans over 20 years in working with corporates, including ASX listed entities, private owners, family groups and their businesses across a wide range of industries to grow, create and protect value. Her expertise includes developing appropriate business structures and funding arrangements, capital management, mergers and acquisitions, business restructures and assisting clients in their dealings with the Australian Taxation Office. Kaylene has a deep interest and experience in the not-for-profit and charity sector. Kaylene has worked extensively with not-for-profit entities seeking to change their corporate and tax structure, and in pursuing tax exempt status for entities. She has experience in seeking charity status for organisations, in seeking Deductible Gift Recipient status and in advising not-for-profit entities regarding their governance and compliance obligations. Kaylene is passionate about empowering the sector to grow, impact and adapt in a changing environment. - Current at 03 February 2023
    Click here to expand/collapse more articles by Kaylene HUBBARD.

     

    Copyright Statement