Deductions 101 - General deductions v Specific Deductions (Part 1 of 6)

Key takeaways
⚡ You need to have made a loss or outgoing to claim a deduction (duh!)
⚡ There are general deductions and specific deductions. Specific deductions take priority.
⚡ General deductions have 2 positive limbs i.e. expenses are deductible where they are

1. incurred in gaining assessable income 𝗼𝗿
2. necessarily incurred in carrying on a business for gaining assessable income.

Check out the video for further details and examples.

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