(Use Australian Tax law) Required: Discuss what amounts are…

Question Answered step-by-step (Use Australian Tax law) Required: Discuss what amounts are… (Use Australian Tax law)Required: Discuss what amounts are deductible as specific deductions for Opt Pty Ltd. Assume that the $100,000 and $3,000 amounts are capital (4 marks).Opt Pty Ltd sells prescription glasses through a variety of retail stores. In the current tax year it spent the following amounts:· $100,000 on an independent consultant for expert advice regarding how Opt should modify their marketing strategy and products on offer so that they could target a younger client base.· $3,000 in bank fees due to paying off the mortgage for one of its store premises earlier than expected.Opt Pty Ltd also had $60,000 in debts from customer sales made on credit that were written off. These had been previously included in income. On top of these, it had a provision for doubtful debts in its accounts for an additional $40,000. Law Social Science Tax law MLC income tax Share QuestionEmailCopy link Comments (0)