11. Main deduction

In calculating a person’s income from a business or investment for a year of assessment, expenses to the extent they are incurred during the year by the person and in the production of income from the business or investment, shall be deducted.

No deduction shall be allowed under subsection (1) for an expense of a capital nature.

In this section, “expense of a capital nature” includes an expense that secures a benefit capable of lasting longer than twelve months.