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Do you know if these five business expenses are tax deductible?

by , 11 July 2014
The experts behind the Practical Tax Loose Leaf Service often get questions from business owners about what they can claim as tax deductions.

This is vital information that every business owner needs as it can save you a ton on tax every year.

Joe recently wrote in and asked about five business expenses he wanted to claim deductions on.

We're revealing the answer to you so you know how to treat these expenses when it comes to tax deductions and tax allowances...

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Here are the five business expenses Joe asked about

According to this question, Joe wants to claim his payments for:
1. Membership to the Institute of Certified Bookkeepers (ICB);
2. A short course on tax and payroll;
3. A new business logo (cost R1 530);
4. Membership with the Association of Chartered Certified Accountants; and
5. A new laptop to replace the one he lost (cost R4 999).
The good news for Joe - and you - is these expenses all qualify as tax deductions.

Here's how to treat these business expenses for tax deduction purposes

The great news is you can claim all five of these expenses back from SARS. Let's look at each one:
Membership and courses
If you incur these expenses to help you run your business, you can claim them as tax deductions. SARS views these expenses the same way it does repairs and maintenance costs.
The new laptop
You might not expect it, but you can claim back the cost of the laptop under a wear and tear allowance. The rule is you can write off the cost of assets that cost less than R7 000 in the same year. Because the laptop only cost R4 999, you can claim it back under this allowance.
The business logo
This is an intangible asset and because it has a value of less than R5 000 you can also write off the cost in the same year under a wear and tear allowance!
So now you know, if your business has incurred any of these expenses, you can claim the money off your business income tax.
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