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What types of legal expenses are allowable as tax deductions?

EXPENSES THAT USUALLY CAN BE CLAIMED  Circumstances where legal fees are usually deductible include: negotiating current employment contracts (including disputes) in respect of existing employment arrangements defending a wrongful dismissal action bought by former employees or directors defending a defamation action bought against a company board arbitration in settling disputes…

Personal Insolvency Thresholds FAQs

FAQs PERSONAL INSOLVENCY AGREEMENTS BANKRUPTCY WILL YOU LOSE PART OF YOUR INCOME? Only when agreement terms include income contribution payments, in which case the statutory thresholds will apply. Yes, if income exceeds a statutory threshold. CAN YOU TRADE A BUSINESS? Yes, if agreement allows. It depends on the nature of…

Personal Insolvency Thresholds

The following information outlines the monetary thresholds that apply in relevant insolvency practices. Income Contribution Threshold Income Thresholds before Income Contributions become Payable (after tax & s139N deductions): $54, 081.30 – No Dependents $63, 815.93 – 1 Dependent $68, 683.25 – 2 Dependents $71, 387.32 – 3 Dependents $72, 468.94…

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