Tax Treatment of Business Expenses (G-L)

Key requirements

Debt impairment treatment depends on the accounting/tax regime and whether the debt is a revenue-account business debt; reversals may be taxable. Insurance premiums can be deductible staff or trading costs, while policies carrying investment or cash surrender value may be capital. Employer deductibility and employee benefit taxation are separate questions. IP licensing enhancements have qualifying-right, expenditure and taxpayer conditions, and the source excludes related-party licensing from the enhanced deduction. Do not confuse licence fees with acquisition expenditure eligible for writing-down allowances. Keep policy terms, debt evidence and licensing agreements, and review the detailed period-specific conditions before claiming enhanced amounts.