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Regional Aussie Bank Ltd (RAB) is an Australian resident company that has been making good profits in recent years.
Due to its success it became a target for a takeover by one of the larger banks. During the year ended 30 June 2015, RAB incurred $75,000 in legal, accounting, public relations and printing costs in an attempt to defend itself against the takeover.
One of the services RAB provides is investment advice for high wealth customers. RAB was sued for damages by some of its customers for negligent investment advice that resulted in these customers losing significant amounts of money. The Court awarded the customers $200,000 which RAB paid on 31 May 2015. RAB spent $45,000 on legal fees when the matter went to Court, receiving an invoice from the law firm on 25 June 2015. The legal fees were paid on 10 July 2015.
After successfully defending itself against the takeover attempt, RAB wanted to expand its home lending business. On 1 January 2015 it paid $1,000,000 to a large mining company to be the sole provider of home loans to the company’s employees in regional mining towns for five (5) years.
Required:
Based on this information what amount can RAB claim as an allowable deduction under s 8-1 Income Tax Assessment Act 1997 for the year ended 30 June 2015? Support your discussion with reference to appropriate authority.

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