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Lease premium deductions |
See Also
Adjustment of profit | Expense analysis
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule calculates the lessee's deduction to be taken for premiums paid on short leases under the provisions of CTA 2009 s63 , where a premium is paid to acquire a lease of business premises .
The schedule can be developed from an Expense and income analysis.
The schedule allows the analysis of each individual lease, with captions for acquisition and expiry dates and for the premium paid on acquisition. The deemed rent is automatically calculated and transferred to the A schedule as a trading deduction.
The schedule has no standard sub-schedules.
The total deductions taken by the period end together with the length of the lease and the premium paid are carried forward when building a new period.
Error | How to
solve it |
| Acquisition date is after period end | In order for a deduction to be calculated for the lease, it must have been acquired during this accounting period or an earlier accounting period. If the acquistion date is not until after the end of the period, the deduction cannot be claimed in the current computation as the lease was not held at that point. Ensure that the acquisition date is not after the accounting period end. |
© 2009 Thomson Reuters.