Deductions for business asset expenses broadened where used for business, subject to apportionment and capital expenditure classification.
Allowable deductions for business or professional profits include insurance premiums, land revenue/local rates/municipal taxes, rent for premises occupied as a tenant, current repairs to premises when not a tenant, and cost of repairs where a tenant has undertaken to bear repair costs. Expenditure in the nature of capital expenditure is excluded. Where assets are partly used for business, deduction is restricted to a fair proportionate part as determined by the Assessing Officer. The Passed Act broadens use-based entitlement and expressly permits repairs to machinery, plant and furniture.