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Deductibility of creditors legal expenses

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A director who was also part owner and an employee earning assessable income from a business to which he personally provided a loan and incurred legal fees personally as the creditor to secure repayment of the loan to that business.

Would these legal fees be deductible on that individuals personal tax return?
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Community Manager

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Hi @Mc123,

 

As this one is a bit more complex we'd recommend you get in touch with our Early Engagment team who will be able to give you advice on this.

 

Thanks, Nate

1 REPLY 1
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Most helpful response

Community Manager

Replies 0

Hi @Mc123,

 

As this one is a bit more complex we'd recommend you get in touch with our Early Engagment team who will be able to give you advice on this.

 

Thanks, Nate