×
To use this feature, you need to log in to your account.
Don't have an account yet?
Create an account.
×
To use this feature, you need to log in to your account.
Don't have an account yet?
Create an account.
A prepaid expense is an expenditure you incur for things to be done in a later income year, for example lease payments.
- True
- False
Generally, claims for deductions of depreciating assets are made: (Select all that apply)
- On the decline in value of the depreciating asset each year over its effective life
- Immediately, under the simplified depreciation rules
- In the final 2 years of the asset’s ‘effective life’, which is when deductions are allowed
Question 1 of 2
Claiming small business tax deductions
| Steps | Progress | |||||
|---|---|---|---|---|---|---|
What are deductions and what can I claim? |
5 mins | |||||
Accounting for private use of assets |
9 mins | |||||
Expenses you can never deduct |
1 mins | |||||
Expenses you can deduct over time |
10 mins | |||||
Stock and asset records |
5 mins | |||||
Expenses you can deduct immediately |
5 mins | |||||
Other deductions records |
1 mins | |||||
Motor vehicle deductions |
4 mins | |||||
Motor vehicle deductions records |
2 mins | |||||
Related courses |
1 mins | |||||
Course feedback |
||||||