Business, Legal & Accounting Glossary
Taxable business income is typically understood as:
Assessable Income – Allowable Deductions = Taxable Income
Allowable tax deductions include all expenses that are incurred in gaining or producing assessable income, except when they are of a capital or a private or domestic nature. When all deductions have been made from assessable income, the resulting figure is your taxable income. The cost of any goods sold, together with rent, repairs, leases, telephone, stationery, bank fees, rates, etc., all qualify as allowable deductions.
Some common deductions for small businesses which owners should know about include:
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This glossary post was last updated: 25th April, 2020 | 0 Views.