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Question - Joe owns his own optometry business, Perfect Vision. He uses a registered tax agent to assist in the preparation of the financial statements and income tax affairs of the business. Joe provides you with a summary of various items charged to him by his tax agent during the 2021 income year:
$
preparation of the 2020 financial statements of Perfect Vision 2,250
preparation of the 2020 income tax return of Perfect Vision 740
provision of GST advice 620
tax penalty imposed by the ATO for lodging his 2021 tax return late 230
general interest charge (GIC) imposed by the ATO for late payment 62
attendance at a tax audit by the tax agent involving a dispute with the ATO 1,800
Required - What amount is deductible to Joe under Section 25-5 of the ITAA (1997)?
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