Ann: FY2018 Preliminary Results - Record Portfolio Growth, page-71

All business related expenses need to be deducted before working out a taxable profit. Expenses are real and when they outpace revenues is when no tax is payable because there is no profit to declare. I labor this point because too many people assume there is a tax benefit by spending money but in the case of NEA it not only saves money but offers most businesses great opportunities as we all know. The NEA expense is the best type expense any business would need to start off any business. You would not bother starting any business if you don't look at what NEA can offer imo.