Repairs and insurance deductions allow businesses to deduct current repair costs and insurance premiums for assets. Deductibility is allowed for amounts paid on account of current repairs to machinery, plant or furniture used in the business or profession and for ... Summary
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Repairs and insurance deductions allow businesses to deduct current repair costs and insurance premiums for assets.
Deductibility is allowed for amounts paid on account of current repairs to machinery, plant or furniture used in the business or profession and for premiums paid for insurance against risk of damage or destruction of those assets; expenditure in the nature of capital expenditure is excluded from current repairs.
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