Damien has been working for a large architectural practice for the…

Question Answered step-by-step Damien has been working for a large architectural practice for the… Damien has been working for a large architectural practice for the past 16 years.  In April 2021, Damien resigns and decides to go into business for himself. He incurs the following amounts:feasibility costs (including market research and preparation of a business plan) of $5200 incurred on 12 March 2021 in deciding whether to proceed with the business venture or notCompany incorporation costs of $840 paid to incorporate a company ‘Downtown Architects Pty Ltd’ on 8 April 2021purchase of a desktop computer on 31 March 2021 costing $4200printing of business cards, stationery and letterhead costing $790 on 1 May 2021. Damien anticipates that the turnover of his company will be in the vicinity of $700 000 to $800 000 per annum and so he would be classified as a small business entity for tax purposes. RequiredWhat amounts (if any) are deductible under section 40-880 of the ITAA (1997)? If the amount is not deductible under section 40-880, please indicate what section (if any) the item may be deductible under and the amount.  Law Social Science Tax law BUSN 2450 Share QuestionEmailCopy link Comments (0)