Commentary

B2.810 Claims for post-cessation trade relief

Business tax
Business tax | Commentary

B2.810 Claims for post-cessation trade relief

Business tax | Commentary

B2.810 Claims for post-cessation trade relief

Relief from income tax may be claimed for a payment of qualifying expenditure, or the appropriate amount of the debt (in the case of qualifying events) to be deducted in calculating the person's net income (see ITA 2007, s 23, Step 2) for the tax year in which the expenditure is incurred1. It must be claimed within 12 months of 31 January following the year in which the payment was made2.

However there is a limit on the amount of income tax relief that an individual may deduct at ITA 2007, s 23, Step 2

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