Hi there,
I am seeking information on claiming business deductions or expenses on products given away for marketing or advertising.
We are a manufacturer of goods. If we give away a product which we produce - for the purposes of marketing or advertising - am I able to claim this as an expense?
Example 1: I send a completed product to a social media influencer for them to make a video or do a review on the product. I would intend for this to generate future revenue for my business.
Example 2: I give a completed product to a store for display purposes, not for sale. I intend for this product to generate additional interest / revenue for my business.
In these cases can I claim a deduction for the gifted / given products?
If so, how should I calculate this (our cost of manufacturer is less than the retail cost)?
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