ACCT2331 Chapter Notes - Chapter 13: Goodman Fielder, Macquarie Group, Logical Truth
Document Summary
Section 8-1 (positive limbs: you can deduct from your assessable income any loss or outgoing to the extent that: It is incurred in gaining or producing your assessable income. It is necessarily incurred in carrying on a business for the purpose of gaining or producing your assessable income. Section 8-1 (negative limbs: however, you cannot deduct a loss or outgoing under this section to the extent that: It is a loss or outgoing of capital, or of a capital nature. It is a loss or outgoing of a private or domestic nature. It is incurred in relation to gaining or producing your exempt income or non- assessable non-exempt income: a provision of this act prevents you from deducting it. "outgoing" involves some form of payment, outlay or expenditure. "to the extent that" indicates a loss or outgoing may need to be apportioned. " there are at least two kinds of items of expenditure that require apportionment.
