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.

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Taxable Business Income. PayrollHeaven.com. Retrieved December 01, 2022
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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.