Private ruling: Deductibility of licence fee
Date of advice: 20 March 2020
Published: April 2020

Ruling: Q1: Is the entity entitled to an allowable deduction pursuant to section 8-1 of the Income Tax Assessment Act 1997 in respect of a licence fee incurred pursuant to a statutory Act? | A1: Yes

Relevant facts and circumstances: The taxpayer (the entity) applied for a private ruling on the application of section 8-1 of the Income Tax Assessment Act 1997 , to an annual licence fee required to be paid by the entity pursuant to a statutory Act.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 8-1