CHAPTER 3 Taxable income

Key areas we will cover in this chapter

  • li1.png Assessable income
  • li1.png Allowable deductions
  • li1.png 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 ...

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