How to determine assessable income.

The article discusses how to determine assessable income for businesses in Australia. It explains that assessable income is calculated by deducting expenses from income, and there are two accounting methods - cash and accruals - to determine when income should be taxed. The Australian Tax Office provides guidelines on when to use each method, with the cash method being suitable for employees and professionals in sole practice, while the accruals method is more appropriate for businesses that rely on staff, equipment, or trading stock to generate income. [Extracted from the article]