What is the time frame for the tax deduction

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Reference no: EM133608116

Problem: AAB Ltd is a marine and boat manufacturer and has incurred costs of $200,000 on feasibility studies for a new marine engine. Will this expense be tax deductible under Section 8-1 of the Income Tax Assessment Act 1997? If not, can it be tax deductible under a specific section and what is the time frame for the tax deduction? Also include a discussion on black hole expenses, specifically Section 40-880 of the Income Tax Assessment Act 1997.

Reference no: EM133608116

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