This question was closed without grading. Reason: No acceptable answer
Dec 13, 2017 15:29
6 yrs ago
3 viewers *
English term
incurred in pursuit of income (profit)
English
Bus/Financial
Finance (general)
taxation
Business expenses are recognised as deductible if they meet a number of criteria; one of them is that they must be incurred in an income(profit)-generating activity. Can it be modified into a neater phrase - like the one above? Pursuit of profit _seems_ to have some unwanted lateral connotations
Responses
| 4 | No |
B D Finch
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| 3 | incurred in generating income |
Port City
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Responses
9 hrs
incurred in generating income
A suggestion.
"... these payments were properly incurred as expenses in generating income, ..."
https://www.ato.gov.au/law/view/document?Mode=type&TOC="05:C...
"... these payments were properly incurred as expenses in generating income, ..."
https://www.ato.gov.au/law/view/document?Mode=type&TOC="05:C...
Note from asker:
| Thank you for your answer. This is a legitimate option, but what I am after is one particular phrase :) |
Peer comment(s):
| neutral |
B D Finch
: That fails to cover expenses incurred in activities that failed to generate the expected income.
9 hrs
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4 hrs
No
One can incur expenses in pursuit of income by betting money on horse racing, which is only an income-generating activity for the bookmakers. So, "incurred in an income(profit)-generating activity" is better because it covers business activities rather than gambling or pursuing a rich potential spouse.
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Note added at 1 day 13 mins (2017-12-14 15:42:49 GMT)
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@Asker
Thanks for the clarification. I'm a translator, not a solicitor; so, while I can give my view on what I think the implications are of the wordings you suggest, I had wrongly understood that you were trying to understand the meaning of a source text in order to translate it. I do not want to give advice about drafting a legal document.
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Note added at 1 day 13 mins (2017-12-14 15:42:49 GMT)
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@Asker
Thanks for the clarification. I'm a translator, not a solicitor; so, while I can give my view on what I think the implications are of the wordings you suggest, I had wrongly understood that you were trying to understand the meaning of a source text in order to translate it. I do not want to give advice about drafting a legal document.
Note from asker:
| Thank you for your answer. Will it still hold if we say "business expenses"? |
| There's no original but the one I will produce, hence the question |
Peer comment(s):
| neutral |
AllegroTrans
: Income and profit are two distinct notions; without knowing why asker intends to alter the text or what is in the foreign language ST I really don't think we can answer this
41 mins
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I understood this question as intended to help the Asker understand the English ST in order to translate it into another language.
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| neutral |
philgoddard
: It's obviously not about gambling.
8 hrs
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Quite, which is why the original text is worded better than the Asker's attempted revision.
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Discussion
As far the taxman is concerned [your own choice of "context" Bus/Financial - Finance (general) / taxation, not "theology" or "ethics"] there is absolutely nothing wrong in the "pursuit of profit" - that's what business are supposed to be doing.
Is the phrase legit? Yes or No would have been enough, plus a note explaining why.
https://www.amazon.co.uk/Corporation-Pathological-Pursuit-Pr...
https://www.theguardian.com/environment/blog/2011/apr/05/gre...
etc. etc. etc.
Where do you get that idea from?
Unless you are one of those aristocrats who consider all "trades" as beneath them or some silly idealist who considers any money, and any profit as "dirty", there are NO "unwanted lateral connotations" of any kind in "pursuing profit" - FYI that's the whole point of any business!
BTW the ST is strictly speaking not precise enough it should be:
Business expenses are recognised as deductible if they meet a number of criteria; one of them is that they must be incurred in the pursuit of that/the related income (profit)
IOW you can't deduct any expenses you fancy just because they are "incurred in the pursuit of profit ", the business expenses must be related to the activity bringing the income from which they are to be deducted.