View Full Version : 1/3 of income...how does it work?
I've seen it mentioned a few times but not sure it's something I should be taking off my income myself and I haven't etc...but could someone explain in SIMPLES term please.
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FussyElmo
24-01-2011, 11:46 AM
I've seen it mentioned a few times but not sure it's something I should be taking off my income myself and I haven't etc...but could someone explain in SIMPLES term please.
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Not sure what you mean. You allowed to deduct 10% wear and tear but other than that you have to put your expenses in and see what amount it is. You cant just deduct 1/3 off your income without proof.
Some people say your expenses are !/3, 1/2 or even 2/3's but they have to be what you have brought.
However it would make it so much simplier if we could just have a set amount when it comes to accounts :laughing:
Chatterbox Childcare
24-01-2011, 12:06 PM
As a rule some people say that your expenses should be 1/3 of your income
I don't think this is the case and your expenses are what you can prove and if they are 33% then fine and if they are 50% then fine
thanks both that was what I thought...but confused myself lol.
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