What are allowable tax deductions?
Allowable tax deductions are amounts allowed by the Australian Tax Office to be deducted in order to calculate a lower taxable income. Some deductions include: work-related expenses, self-education expenses, travel expenses, tool expenses and donations to charities. The videos below will help you solve allowable tax deduction questions in Prelim Standard Math.
What are taxes?
Before we can understand tax deductions, we need to understand what taxes are. This video explains them in greater detail.
Tax deductions in more detail
The video below explains what tax deductions are in more detail.
How to calculate a person’s total yearly taxable deductions
The following video explains how to calculate a persons total yearly taxable deductions based on payments made throughout the year.
How to calculate travel costs as a deduction
The following video explains how to calculate a persons total yearly taxable deduction in relation to their travel costs.
How to calculate depreciation as a tax deduction
The video below illustrates how to calculate depreciation as a tax deduction.