"General Deductions"
Super-Fast Transport Ltd incurred expenses of $5000 in arranging a loan to finance its working capital requirements and an expansion of its debtors. The loan of $1, 000,000 was for four years and was entered into on 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 year?
Use relevant laws and sections to justify your answer. Detail discussion is required.