Working out your assessable income

Most income your business receives is assessable (including foreign income). However, there are some exceptions, such as amounts you earn from a hobby, or prizes that are not related to your business.

The accounting method you use may affect which amounts you need to include for a particular income year.

The following formula is used to work out your business income tax:

Assessable income – allowable deductions = taxable income (the amount you pay tax on).

You may be eligible for a range of concessions to help reduce your taxable income.

Follow the links below for more information on:

Last modified: 13 Mar 2015QC 44439