Interest expenses and interest income are line items for virtually every single taxpayer. It is however also a section that creates serious confusion. How is this amount to be calculated? When can it be deducted? Are there any other considerations?
The aim of this session is to cover the provide you with answers to those questions. The following will be covered:
• What are the common law requirements and rules with respect to debt and charging interest?
• Can charging/not charging interest give rise to donations tax?
• What is s24J and how do we calculate interest for income tax purposes?
• How can SARS penalize us for charging interest?
o Section 8F and 8FA
• When is interest paid deductible?
• Disallowance of interest deductions (anti avoidance provisions)
Investment managers
Financial managers
Auditors
Bookkeeper
Financial accountants
Third year SAICA trainees
Fourth year SAICA trainees
Audit managers
Audit partners
Ethics officers
