Taxation for Australian Businesses: Understanding Australian Business Taxation Concessions

CHAPTER 3 Taxable income

Key areas we will cover in this chapter

• Assessable income
• Allowable deductions
• Cash accounting

Defined terms we will introduce

• Tax Act: the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997, which have to be read as one
• Assessable income: your business income from all sources
• Allowable deductions: your business expenses that the Tax Act allows you to deduct from the assessable income
• De minimis ...