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  • Deductions

    Situations that attract our attention include:

    • incorrectly claiming deductions that decrease taxable income including from  
      • failing to add back non-deductible expenses in the reconciliation statement
      • inappropriately valuing closing stock at below cost or replacement value
       
    • payments made to related parties for services that either
      • were not provided
      • had no connection with earning assessable income
       
    • undefined expenses
    • using the trading stock election rules to lower the valuation of closing stock.

    See also

    Last modified: 09 May 2022QC 69466