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Deduction of expense - Coggle Diagram
Deduction of expense
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Section 33(1)(c)
Expenses for repair of plant, machinery or fixtures employed in the production of gross income
Expenses for renewal, repair or alteration of any implement, utensils, articles so employed
Excludes those capital expenditure allowed for Schedule 3 Allowance or by means of conveyance, but exclude
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General deduction (S33)
Criteria
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Must be incurred solely for that purpose, no dual purpose where business purpose is secondary
Must have been incurred during the basis period for a year of assessment. Payable or becoming payable also can
Must be for the purpose of producing income, must be linked with income-earning operation
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Must be incurred, and this does not include provisions or contingent liability where it is not sure if they happens, However, if it is sure that it is payable or becoming payable, can.
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Interest (S33(1)(a)
Criteria
The interest is employed in the production of gross income, or
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Classification
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Rental income
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Non-allowable to arrive at adjusted business income, but is allowable under rental income
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