Taxable Business Income

Business, Legal & Accounting Glossary

Definition: Taxable Business Income

Taxable Business Income

Full Definition of Taxable Business Income

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:

  • Wages and salaries to employees
  • Insurance premiums
  • Repairs to equipment or premises
  • Motor vehicles
  • Bad debts
  • Superannuation.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Taxable Business Income. Payroll & Accounting Heaven Ltd.
December 01, 2022
Chicago Manual of Style (CMS):
Taxable Business Income. Payroll & Accounting Heaven Ltd. (accessed: December 01, 2022).
American Psychological Association (APA):
Taxable Business Income. Retrieved December 01, 2022
, from website:

Definition Sources

Definitions for Taxable Business Income are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 25th April, 2020 | 0 Views.