Super-Fast Transport Ltd. incurred expenses of $5,000 in arranging a loan to finance its working capital requirements and an expansion of its debtors. The loan is $1,000,000 was for four years and was entered into 1 April 2015.
Advise Super-Fast Transport Ltd. whether it could claim any of the loan expenses as a tax deduction for the 2014/2015 tax years?
Use relevant laws and sections to justify your answer. Detail discussion is required.
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Oct 14, 2020EXPERT
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