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To complete a tax return, you will need information about your income and allowable deductions.Assessable incomeThe most common source of income for young people is money earned through employment. At tax time you will be able to access your income statement via myGov. This statement will tell you how much you earned and how much tax was deducted from your income.You may have also received unearned income. This is income from investments and…

Part 1: Identifying allowable deductionsRead the list of items below. Indicate whether you think each item of expenditure is deductible or not. Refer to An introduction to tax returns - Explainer. Income or money receivedIs it assessable income? Y/NThe bus fares to and from work. yes noA $100 donation to the Red Cross. yes noThe amount paid to your tax agent for preparing your tax return. yes noThe cost of taking a taxi to work because your…