Resources for Allowable Tax Deductions
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Questions
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Allowable Tax Deductions Theory
NSW Y11 Maths - Standard Earning and Managing Money Allowable Tax Deductions
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Videos relating to Allowable Tax Deductions.
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Allowable Tax Deductions - Video - Tax simple deductions
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Theory
A person pays tax according to how much they earn. Tax deductions are a way of decreasing the amount of tax the government can take from you. Consider the two examples below:
- Joe is a receptionist who earns $80 000 per year. There are no personal expenses attributed to his work apart from cost of fuel to travel to and from work so the tax office charges him tax on his income of $80 000.
- Jane is a travelling sales woman who also earns $80 000 per year. She spends a massive $10 000 per year on work related travel expenses. The government will charge her tax as if her income was really $70 000.