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From buildings to inventions: Here are three lesser known ways your company can pay less tax

by , 13 June 2014
You know about company income tax. You know about travel allowances. You know about bad debt tax write-offs. But this doesn't means you know about all of allowances you can take advantage of.

There are some lesser known allowances that many business owners overlook or forget about.

The good news is, you no longer have to be one of those business owners.

Today we reveal three of these lesser known allowances so you can start taking advantage of them.

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Legally pay less tax
 
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Three lesser known tax allowances you should take advantage of

The Practical Tax Loose Leaf contains a complete list of the different allowance you can use to legally pay less tax. Here are three of them:
 
1. Residential buildings
You can get a tax deduction on any new or unused residential building you acquired, erected or improved on or after 21 October 2008. As long as the building is in South Africa, you own it for the purpose of your business, and you let it out as employee accommodation.
 
2. The construction or improvement of industrial buildings
There's a capital incentive tax allowance for the construction or improvement of any building you use for manufacturing purpose only. To qualify you must have constructed the building on or after 1 January 1989.
 
But there's one more deductions you may not know about...
 
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8 ways to LEGALLY beat the taxman
 
There are a few CGT loopholes that can save you thousands of rands every single year and, in some cases, let you off the CGT hook completely… 
 
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A 'strategic allowance' you may not know about

3. Environmental assets
You can claim 40% on an environmental asset, such as a treatment or recycling asset, in the first year of using it as long as you put it in place on or after 8 January 2008. You can then claim 20% for each of the three years after that. 
 
There you have it: Three lesser known tax allowances you may not have known about when you woke up this morning. 


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