Your assessable income is also referred to as gross income or before tax income.
It can include inflows like wages, interest, rent, dividends, trust distributions, capital gains and business income.
Your allowable deductions are generally expenses or outgoings incurred by you in earning your assessable income. For example:
work-related expenses, such as travel costs from work to a client’s office or the cost of education courses
investment property expenses, such as property management fees and electrical maintenance costs on the property
borrowing costs for investments for example the interest expense on a share portfolio that is financed, to some extent, with borrowed money
relevant business expenses for example, office rent.