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Capital Allowance and Business Deductions
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Capital Allowance and Business Deductions

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Questions and Answers

What is the primary condition for a person to receive capital allowances?

  • The person must be a contractor
  • The person must be carrying on a business (correct)
  • The person must be a freelancer
  • The person must be an employee

    • What is the nature of certain deductions given to a person carrying on a business?

  • They are given as a concession (correct)
  • They are available to all individuals
  • They are mandatory by law
  • They are only for large businesses

    • What is the purpose of capital allowances in a business?

  • To reduce the taxable profit (correct)
  • To calculate the business's depreciation
  • To determine the business's capital gains
  • To increase the taxable profit

    • Who is eligible to claim capital allowances?

    <p>Any person carrying on a business</p> Signup and view all the answers

    What is the impact of capital allowances on a business's taxable income?

    <p>It reduces the taxable income</p> Signup and view all the answers

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