Other Deductible Expenses
7.21. From ‘net income’ as the term is used here the tax law authorises a whole series of further deductions before
the taxable income is reached to which the prescribed rate scale is applied and liability determined. These are
generally known as concessional deductions and for the most part are so called in the Act. They include dependant
allowances, medical and education expenses, zone allowances, life
― 63 ―
insurance and superannuation
premiums, and gifts to charities. They primarily reflect considerations of equity as well as particular social and
economic policies. They are discussed in Chapters 12, 21 and 25.