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Thursday, 23 March 1961

Mr Ward d asked the Treasurer, upon notice -

1.   Are all advertising costs incurred by companies engaged in trade or business of any description an allowable deduction for taxation purposes?

2.   If not, in what circumstances are these costs not allowable as a deduction?

Mr Harold Holt - The answers to the honorable member's questions are as follows: -

1.   No.

2.   An income tax deduction is available for advertising costs only to the extent that they are incurred in gaining or producing assessable income or are necessarily incurred in carrying on a business for the purpose of producing such income. Expenses of a capital, private or domestic nature are not allowable deductions.

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