Briefly explain the australian tax law implications

Reference no: EM133669146

Question: Briefly explain the Australian tax law implications of each of the following scenarios, include relevant tax legislation and case law where appropriate.

b) AAB Ltd is a marine and boat manufacturer and has incurred costs of $200,000 on feasibility studies for a new marine engine. Will this expense be tax deductible under Section 8-1 of the Income Tax Assessment Act 1997? If not, can it be tax deductible under a specific section and what is the time frame for the tax deduction?

Reference no: EM133669146

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