INCOME TAX ASSESSMENT ACT 1997 - SECT 8.1. General deductions. (1) You can deduct from your assessable income any loss or outgoing to the extent that: (a) it is incurred in gaining or producing your assessable income; or. (b) it is necessarily incurred in carrying on a * business for the purpose of gaining or producing your assessable income.. Section 8-1 of Income Tax Assessment Act 1997 (ITAA 1197) allows a deduction for all losses and outgoings to the extent to which they are incurred in gaining or producing assessable income, except where the outgoings are of a capital, private or domestic nature, or relate to the earning of exempt income.

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Summary - what this Ruling is about. 1. This Ruling sets out when an employee can deduct a work expense under section 8-1 of the Income Tax Assessment Act 1997. For the purposes of this Ruling, 'work expense' means 'a loss or outgoing you incur in producing your salary or wages'.. Income Tax Assessment Act 1997 No. 38, 1997Compilation No. 248 Compilation date:1 January 2024 Includes amendments:Act No. 40, 2023, Act No. 61, 2023, Act No. 69, 2023, Act No. 101, 2023 and Act No. 103, 2023 Registered:15 January 2024 This compilation is in 12 volumes Volume 1: sections 1-1 to 36-55 Volume 2: sections 40-1 to 67-30