Taxation law is needed in order to determine taxable income of individuals and entities. The basis of taxable income is by determining assessable income less allowable deductions (s. 4-15(1)) that are permitted such as deductions made as a result of negative gearing, expenses of personal service entity (PSE) or personal service income (PSI) and expenses in property development. Although negative gearing, carrying on a business and property development activities are needed to enhance the country's …showed first 75 words of 1712 total…

…showed last 75 words of 1712 total…no more than 80% of his company's income comes from one client, Tax Block nor Tax Block's associates, and that he has to meet the If Jimmy Grant can prove that he met the requirements of the result test his business is a PSE and the company falls under company business. If he does not meet the requirement of a PSE his company falls in the category of PSI and therefore liable for individual assessable income.