Specified business profit computation clarifies gross income and allowable business expenditures to determine taxable profits under the schedule. Profits of each specified business are computed separately as gross income from that business reduced by business expenditure wholly and exclusively incurred. Gross income includes business receipts, proceeds from disposal of qualifying business capital assets (excluding land, goodwill or financial instruments) for which Schedule deductions are or were allowable, and specified amounts from the income provisions. Business expenditure includes operating expenditure, finance charges, licence/rental payments actually paid, capital expenditure and pre commencement expenditure; depreciation and allowances are to be computed as if relevant deductions were allowed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Specified business profit computation clarifies gross income and allowable business expenditures to determine taxable profits under the schedule.
Profits of each specified business are computed separately as gross income from that business reduced by business expenditure wholly and exclusively incurred. Gross income includes business receipts, proceeds from disposal of qualifying business capital assets (excluding land, goodwill or financial instruments) for which Schedule deductions are or were allowable, and specified amounts from the income provisions. Business expenditure includes operating expenditure, finance charges, licence/rental payments actually paid, capital expenditure and pre commencement expenditure; depreciation and allowances are to be computed as if relevant deductions were allowed.
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