It is no secret that many a taxpayer wishes to minimise their tax liability in a given year of assessment, and tends to get very creative with doing so.
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 unless allowed by tax legislation.
We offer 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 will address matters including, but not limited to, the following:
• 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
o Legal expenses
o Repairs and maintenance
o Bad and doubtful debts
o Learnership deductions
o Donations
o Credit agreements and debtor allowances
o Future contract costs
o Assessed losses
• Prohibited and limited deductions (including prepaid expenditure)
• 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
☒Third year SAICA trainees
