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  • Income and deductions for business

    Most income you receive in carrying on your business is assessable income, which means you need to declare it and it's subject to tax.

    On these pages we help you to work out your assessable income and outline the various tax deductions, concessions, offsets and rebates which can reduce the amount of taxyou pay.

    • Tax deductions reduce your taxable income. You can claim tax deductions for most costs you incur in running your business.
    • Concessions, offsets and rebates can reduce your tax payable. You may be eligible for a range of these.

    You must keep accurate and complete records of all your assessable income and the deductions you claim.

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    Last modified: 08 May 2018QC 33872