BNET Business Dictionary
Business Definition for: Allowable Deductions
- deductions from income which are allowed by HM Revenue & Customs, and which reduce the tax payable
Additional Resources
- Understanding Allowable Business Expenses
- It's crucial for business owners to understand exactly what expenses can be deducted from total revenues and reported to shareholders, employees and taxing authorities. Some expenses are obvious: wages, salaries, and benefits you pay employees, for example. Allowable expenses also can vary according to activity, and thus can be a...
- Articles 2008-01-30
- Court pulls plug on Budplan tax deductions.
- Mar 19, 2002 The Australian ABIX via COMTEX -- A test case in a mass marketed taxation scheme in Australia has been lost by investors. The matter, referred to as the Budplan case, was decided in the Federal Court of Australia on 18 March ...
- Research articles 2002-03-18
- Last Minute Business Tax Credits and Deductions Can Make a Big Difference to Your 2006 Bottom Line
- JENKINTOWN, Pa. -- Before you sign your final 2006 tax return, one regional accounting firm is advising business owners to ask their tax professionals whether they qualify for some lesser-known, previously-unclaimed business tax credits and deductions. "New IRS regulations, rulings, and court cases are continually being made public, but...
- Research articles 2007-04-03
- The Ultimate Tax Shelter: Owning your own Business
- The best way to reduce taxes is to convert personal expenditures into allowable deductions. For this purpose turn yourself into a business owner and cut your taxes. This is known as ultimate tax strategy --that of converting personal expenses into legitimate business expenses. To win this game, you must own...
- White papers 2003-01-01
- Where taxes bite the hardest
- ROCHESTER, Wis. AP -- Mid-income families of four renting homes near Louisville, Ky. have the least disposable income nationwide, according to a recent analysis of regional tax burdens as a percentage of income. A family of four in Louisville with an income of $60,000 pays an average...
- Research articles 2000-05-18
- [1668] No apportionment of deductions relating to GST component of income.
- Byline: Paul Stacey Oct 10, 2005 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office has released a new taxation determination, TD 2005/35. The document states...
- Research articles 2005-10-10
- When the Tax Office knocks.
- Jun 09, 2005 (The Australian Financial Review - ABIX via COMTEX) The Australian Taxation Office has released the 2005 "Tax Pack". The pack contains information on allowable deductions, and warnings for property investors who may be tempted to claim more than they are entitled...
- Research articles 2005-06-09
- Windfall deductions from changing depreciation
- When a taxpayer makes the automatic change in his or her depreciation method, not only is the deduction of catch-up depreciation allowable, it is required under Section 481a of the Internal Revenue Code. This one-time adjustment is necessary to prevent amounts from being omitted or duplicated when taxable income in...
- Research articles 1996-09-01
- Property managers with foreign investor clients
- This 30-percent withholding tax is calculated on the gross amount of the rents generated by the property without allowable deductions for interest, depreciation, repairs, management and association fees, insurance, real estate taxes, or other expenses of owning and operating the property.Managers as AgentsSince the IRS has no jurisdiction to collect...
- Research articles 1998-07-01
- Please yourself and the taxman.
- Jun 22, 2003 (The Sunday Mail - Queensland - ABIX via COMTEX) The Australian Taxation Office has signalled its intention to crack down on inappropriate tax deductions for the 2002-03 financial year. Therefore, taxpayers need to be aware of the type of deductions and ...
- Research articles 2003-06-22
- Under pressure.
- Sep 23, 2003 (The Sydney Morning Herald - ABIX via COMTEX) Investors in a scheme that claimed tax deductions were allowable are contesting a ruling by the Australian Taxation Office. The Office seeks interest on payments investors claimed as deductions from the scheme, promoted...
- Research articles 2003-09-23
- Federal Tax Update
- Comprehensive Legislation P.L. 109-73, the Katrina Emergency Tax Relief Act of 2005 included the following benefits: * Qualified cash contributions determined in flow through entities at the individual level for 2005 may be deducted by individuals up to 100% of adjusted gross income less other allowable charitable contributions and are...
- Research articles 2006-01-01
- Tax-avoidance rules back in Federal Court.(Brief Article)
- Feb 21, 2005 (The Australian Financial Review - ABIX via COMTEX) A complex tax case is being scrutinised in the Federal Court of Australia. The Australian Taxation Office ATO has one view of a financial transaction, while the Macquarie Bank has another. On 21 ...
- Research articles 2005-02-21
- Many happy returns.
- Jun 17, 2005 (The Bulletin - ABIX via COMTEX) Good advice is necessary to receive all allowable tax deductions. However, such advice can be expensive. Paul Drum, senior tax counsel for CPA Australia, says that fees are linked to the quality of advice. People...
- Research articles 2005-06-17
- Mums share tax breaks.
- Jun 16, 2002 The Sunday Times ABIX via COMTEX -- New mothers and outdoor workers will both benefit from new allowable taxation deductions. A recent court case, funded by the Australian Taxation Office ATO, determined that people forced to work in the sun due...
- Research articles 2002-06-17
- Mad cow disease infects woman.
- Jul 09, 2002 Taxation in Australia ABIX via COMTEX -- A mass-marketed investment scheme in the cattle breeding industry in Australia is the subject of litigation. The case before the Federal Court of Australia was brought by the Commissioner of Taxation with the Australian...
- Research articles 2002-07-09
- Ansett fights ATO over rule changes.
- Aug 7, 2001 The Australian Financial Review ABIX via COMTEX -- Ansett Australia executives have been concerned by a proposed change in tax rules. The Australian Taxation Office ATO is proposing to extend the length of time an asset such as an aircraft is...
- Research articles 2001-08-06
- Tax law in limbo.
- Aug 18, 2002 The Age ABIX via COMTEX -- The Federal Court of Australia ruled in July 2002 that a specialised Austral Mortgage Corporation product was legitimate. The firm's Wealth Optimiser split-purpose loan, designed to maximise taxation benefits for property investment, was found...
- Research articles 2002-08-18
- New prop. regs. clarify tax deductible entertainment use of private aircraft.
- The use of private aircraft eliminates the inconvenience of commercial flights, but clients do not normally call their CPAs in midflight to inquire about the tax ramifications of taking a detour with the family on the company jet to visit Aunt Margaret. Nevertheless, it is up...
- Research articles 2007-11-01
- Lenders tackle the risks of gearing.
- Jun 07, 2002 The Sydney Morning Herald ABIX via COMTEX -- Financial planners advise investors that wealth can be attained much faster by borrowing. Such financial leverage, or gearing, generates a higher return from an investor's own funds, and tax deductions are allowable. A...
- Research articles 2002-06-07
