Last updated 17 November 2020
VEA ? [2]
Allowable deductions from the business income of a private trust or private company are as follows:
Non-allowable deductions from the business income of a private trust or private company are as follows:
The ATO allows small business entities to use the rules in Division 40 of the ITAA to calculate their business deductions, or alternatively to use the provisions in Division 328 that allow depreciating assets to be pooled and depreciated as a single asset. This is known as the simplified depreciation rules.
As Division 328 of the ITAA is not identified in the Veterans' Entitlements (Attribution of Income –Ineligible Deductions) Determination 2001 as an ineligible deduction, depreciation calculated under this provision of the ITAA is an allowable deduction from business income.
Permissible reductions of business and investment income
Section 52ZZO [4] VEA
Australian resident
Section 5G(1) [4] VEA
Legislation Library - Commission Determinations
Attribution of Income – Ineligible Deductions – Determination 2001 [6]
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16550%23comment-form
[2] https://clik.dva.gov.au/book/export/html/16550#tgt-cspol_part10_ftn486
[3] https://clik.dva.gov.au/book/export/html/16550#tgt-cspol_part10_ftn487
[4] https://clik.dva.gov.au/service-eligibility-assistant-updates/all-determinations-order-date-signed-oldest-most-recent/determinations-under-vea
[5] https://clik.dva.gov.au/book/export/html/16550#ref-cspol_part10_ftn486
[6] https://clik.dva.gov.au/legislation-library
[7] https://clik.dva.gov.au/book/export/html/16550#ref-cspol_part10_ftn487