Correct. Goodwill write off not deductible in Australia. UK tax rules similar on capital v revenue. For income tax goodwill is a non-depreciable capital item.
If you pay $100 for a business and it's really only worth $70 you don't get a tax deduction when the accounting write down is booked. You get a CGT loss if you sell for less than $100.
Angels and Demons and taking risks, page-73
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