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Income tax deductions
Unit details
Level: Professional
Estimated learning duration: 10 hours
CPD: 10 hours
Assessment: Part 1: 20 multiple choice questions within 60 minutes. 75% pass mark.
2 attempts permitted.
Part 2: 6 scenario-based multiple choice questions within 45 minutes. 80% pass mark.
2 attempts permitted.
Assumed knowledge: There is no tax technical knowledge required for this unit, though an understanding of the Taxation of income in Australia will be an advantage.
Learning outcomes:
- Calculate the income tax deduction a tax entity is entitled to claim for a range of scenarios.
- Meaning of ‘incurred’
- Interest deductions
- Specific deductions
- Work related deductions for employees and self-employed
- Deduction denial provisions
- Explain the substantiation requirements that apply to employees claiming work-related deductions.