47 Allowance and Deductions questions SOLVED
Have accurate allowances and deductions records for tax purposes! How to have fewer and lower taxes! And profits "rounded"!
Small business growth boosters: Four little-known tax rebates
If you meet certain qualifying criteria in the Tax Administration Act you can claim the following for your small business:
1. 100% of the cost of new plant and machinery that you buy to use in your manufacturing process.
2. 80% of the cost of second hand plant and machinery you buy to use in your manufacturing process.
3. 150% deduction on certain research and development (R&D) expenditure. And this allowance also covers buildings you use for R&D.
4. R30 000 deduction per learner you employ in your learnership program. And if the learner is disabled, this amount climbs to R50 000! This deduction is on top of the deductions for the salaries you pay your learners.
As soon as you pay for these goods or services, make sure you get proper documentation to prove the purchase.
Read on to find out about the benefits you can take advantage of…
SARS will give you R30 000 every year, if you hire a learner
Get the book that gives you the low-down on the learnership tax allowance – what it is, how it works, how to claim it and what to expect from SARS.
Click here to order the tool that gives you all this, PLUS another 30 other tax breaks that will slash your company's tax bill!
Three benefits of maximising tax deductions
Taking advantage of these tax incentives will help grow your business in the following ways:
The assessable income of your business and your tax bill will reduce.
If the allowable deduction is 100% of the cost price of the assets you buy, you end up incurring zero cost for that asset.
It will positively impact your cash flow in the long run, giving your business an edge over your competitors.
There you have it. Now start taking advantage and boost your small business growth today.
P.S. I thought Rachel might have missed something when she insisted we essentially give a free Tax Digital Loose Leaf Service for every print ordered this week. And to be honest: I still think it's a bit of a folly.
But she's the publisher... and if she's willing to take a chance just to convince you to use the service, well... so be it.