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BC 2: Annual gross income
or “The total taxable money you earn in a year”
You could also call this:

“The total amount you can deduct from your income for the tax year”

Your annual total deduction for a tax year is the sum of all the deductions you can claim for that income year. This means you add up all the expenses or costs that the tax rules allow you to subtract from your income when you’re working out how much tax you need to pay. These deductions are matched to the same year you earned the income.

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Next up: BC 4: Net income and net loss

or “Calculating your income after expenses”
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Part B Core provisions
Calculating and satisfying income tax liabilities

BC 3Annual total deduction

  1. A person's annual total deduction for a tax year is the total of their deductions that are allocated to the corresponding income year.

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