Which one of the following statements is true and WHY?

If a company gets a three-year loan (using the loan funds in its manufacturing operations) and the borrowing costs (such as bank charges for establishment fees) for the loan are over $1,000, then the company cannot claim an immediate deduction for the entire borrowing costs.

If an individual taxpayer has allowable deductions for work related expenses of $350 in an income year, they are only required to provide substantiation for $50 of these expenses.

If a taxpayer s motor vehicle has traveled 6,000 business kilometres in an income year, then the deductible amount applying the cents per kilometre method in Division 28 ITAA97 is $3,960.

A company can claim as a tax deduction against its assessable income, any payments of income tax it has paid.

If a loss or outgoing satisfies one of the positive limbs in section 8-1 ITAA97 an immediate deduction is available and there is no need to consider the negative limbs in section 8-1 ITAA97.