It is no secret that many a taxpayer wishes to minimise their tax liability in a given year of assessment. However, it is just as widely known that SARS is very attentive to the tax deductions that are made in submissions and returns, and will not allow just any item to be utilised in reducing taxable income.
For this reason, ProBeta offers a session aimed at addressing those items that are allowed to be deducted for income tax purposes, as well as those that may not be.
This session is set up to address the application of the relevant taxation laws, including but not limited to:
• The general deduction formula as set out in Section 11 of the Income Tax Act
• Specific deductions granted under this and other sections of the Act
• Deductions that may be disallowed, and the criteria on which this is based
• Deductions that may be limited, and the criteria on which this is based
• Additional deductions granted in terms of:
o Learnership agreements
o Assessed losses (including ring-fencing)
• This session excludes detailed coverage of capital allowances, which is covered in its own session.
Financial managers, Tax Practitioners, Auditors, Bookkeepers, Financial accountants, First year SAICA Trainees, Second year SAICA trainees, and Third year SAICA trainees
