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Generally all expenses to the extent to which they have been incurred by a taxpayer in the production of chargeable profits are allowed as deductions. Examples include interest on borrowed funds and repairs for plant and machinery used in producing profits. Losses can be carried forward and set off against future profits of that business. A corporation carrying on more than one commercial activity may have losses in one trade offset against profits of the other. Generous capital allowances are given in respect of capital expenditure incurred on the construction of industrial and commercial buildings and structures and capital expenditure incurred for the purposes of producing chargeable profits as well as depreciation allowances are also provided.     In summary, deductions are permitted for (1)outgoings and expenses, other than expenses of a domestic or private nature and capital expenditure, wholly, exclusively and necessarily incurred in the production of the assessable income; (2)depreciation and other capital allowances in respect of plant and machinery the use of which is essential to the production of the assessable income; (3)loss brought forward from previous years of assessment; (4)from year 1996/97 onwards, Expenses of Self-education paid ; (5)from year 1998/99 onwards, Elderly Residential Care Expenses paid ; (6)from year 1998/99 onwards, Home Loan Interest paid.  Back  The Basis of Assessment Liability to Salaries Tax is based on the actual income of the year of assessment, but an initial charge is made for a Provisional Salaries Tax first. That is, the taxpayer will pay an estimated tax first (based on expected income for that tax year) and then at the end of the tax year will receive a follow-up bill for any additional tax owed. Income tax is not deducted from regular employee paychecks, hence employees should remember to set aside money to pay the end-of-the-year income tax. Back  Salaries Tax Computation The Department has developed a simple Salaries Tax Computation Program to help you calculate your own Salaries Tax liability. All you have to do is to select the assessment year, marital status, input your income and the number of your dependants and then press the "Compute" button at the bottom of the input page. Another page will appear which shows you your exact Salaries Tax liability.     Back