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Income and deduction

By on November 27, 2013 in Uncategorized

Income and deduction

 

  • We pay tax on the difference of our assessable income and allowable deductions, but what is included in these?

 

  • Assessable income includes wages, allowances, some government allowances and pensions, superannuation income, interest, dividends, rent, managed fund distributions, capital gains and business income.

 

  •  Allowable deductions include work related: car, travel, uniform, self-education. Other work related expenses such as union fees, mobile phone usage, equipment purchases etc

 

  • Also allowable deductions against income include expenses incurred in receiving rent, such as Council and water rates, managing agent fees, depreciation and interest charged on loans.

 

  • Donations, tax agent fees, and expenses incurred when earning business income are also allowable deductions

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Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.

The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.

Our group of businesses & links include the following companies (& our websites);-

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