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
Bookkeepers
Financial accountants
Third year SAICA trainees
Fourth year SAICA trainees
