Income tax deductions
Issued by
The Tax Institute
The earner has demonstrated an understanding of the conditions that must be satisfied in order for a taxpayer to deduct outgoings and expenses from assessable income to arrive at taxable income. They have also demonstrated an understanding of the core rules which prevent such income tax deductions so they understand what income tax deductions can and cannot be claimed against assessable income.
- Type Certification
- Time Hours
- Cost Paid
Skills
Earning Criteria
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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.
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Explain the substantiation requirements that apply to employees claiming work-related deductions.
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Earners complete 10 hours of online, self-paced, interactive learning, incorporating interactive examples, knowledge checks, case studies and a comprehensive activity.
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Successful completion of two online, multiple-choice assessments: Assessment 1: 20 multiple-choice questions within 60 minutes. Assessment 2: 6 scenario-based multiple-choice questions within 45 minutes.
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Achievement of a minimum score of 75% for all assessment tasks.