To add to stupidity after stupidity #billthedill told accountants yesterday accounting fees are a “subsidy”. That’s right, they are no longer legitimate business expenses but a “subsidy”.
So Bill, is paying electricity bills (forced to world leading highs by your Climate Change policies) a “subsidy” ?
Is paying salaries to employees a “subsidy” ?
Is paying legal fees a “subsidy” ?
Is paying advertising a “subsidy” ?
Is paying rent a “subsidy” ?
Is paying telephone a “subsidy” ?
See, when you are a Labor politician, that has never run any type of business (but sure was happy as a union leader to do deals for his union that were bad for its members) this is the sort of unadulterated bullshit that is spewed unquestioned into the public arena.
So Bill, let me give you a lesson in business. Lets call it Business 101.
Businesses earn income through sales, fees, commissions, all sorts of different ways.
And to earn that income, businesses incur expenses – one of those being accounting fees.
And under Section 8.1 of the Income Tax Act, businesses and individuals are allowed to deduct expenses incurred in earning income.
BUSINESS EXPENSES SUCH AS ACCOUNTING FEES ARE NOT SUBSIDIES.
And quite frankly, any politician that suggests they are is simply a fool.