Capital assets are a crucial and integral part of any business, whether it be on a large manufacturing scale, or a small administrative platform.
While most expenditure of a capital nature might not be deductible for tax purposes, there are tax allowances available for qualifying assets employed in their trade.
This course aims to inform taxpayers when and how these deductions are available.
This session will cover the following:
• Wear and tear and “scrapping” allowances
• Allowances for lessees and lessors
• Allowances for renewable energy
• Accelerated allowances (including those for small business corporations)
• Building allowances (commercial and residential)
• The determination of tax values and recoupment of allowances upon the disposal of a capital asset, as well as the possible roll-over provisions for such recoupments
All taxpayers that wish to claim capital allowances, and the tax professionals managing their tax affairs. Auditors might also benefit from this course as it will enable them to understand the working of capital allowances that they might need to consider during an audit.
