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Is paying less tax a priority to your business? If so, I'll show you how.

by , 03 August 2015
Nothing is more painful than paying more money over to SARS than you actually have to.

But what if I told you there's a section in the Income Tax Act you can use to your advantage?

Section 23(m) has 11 business deductions you can claim and pay less tax on.

So read on as I help you claim 11 business deductions, so you can keep more money in your bank account and less in SARS'.


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The Practical Tax Loose Leaf Service offers you:

• All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes. 
• Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
• Red flags you need to watch out for and the penalties you'll face if you don't respect them.
• Sample templates at your disposal, ready to be filled in, customised and printed. 

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Does Section 23(m) apply to you?

Before I tell you the 11 Deductions you can claim.

Click here to find out if Section 23(m) applies to you.

11 Deductions you can claim and pay less tax on

1. Pension or retirement annuity contributions;
2. Legal expenses incurred for any action, claim, dispute or action at law in the course of carrying on your employment;
3. Wear and tear or depreciation allowances;
4. Any business related debt that may have become bad in the year;
5. Any allowance for doubtful debts;


Never make allowances and deductions mistakes again...

In it, you'll not only discover answers to 47 of the most popular allowances and deductions questions, you'll also:
  • Find out how to avoid making common mistakes and having to fork over R700 an hour for a tax consultant.
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  • Be able to take control of your company's finances and receive all your tax refunds back from SARS.

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6. Income continuation or protection insurance premiums you have incurred during the year;
7. Home office expenditure;
8. Travel/vehicle expenditure;
9. Subsistence allowance;
10. Out of pocket medical expenses in excess of 7% of your taxable income before the deduction of medical expenditure; and
11. Donations made to approved organisations that don't exceed 5% of your taxable income.

So now you know what Section 23 says about tax deductions.

P.S. If you want more information on the deductions you can claim, turn to your chapter in the Practical Tax Loose Leaf on deductions. Or ask our experts on the Accounting and Tax Club for help and they'll answer all your questions.

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