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Six company expenses you can deduct to stay off SARS radar.

by , 11 August 2015
One of the biggest challenges you face is not knowing which expenses you can deduct before you work out your taxable income on your financial statements.

If you deduct the wrong expenses or claim the same deduction more than once, you could face penalties. But if you don't deduct them, you'll pay more tax than you have to.

So read on as I show you which expenses you can deduct so you stay off SARS radar.

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  • Find out how to avoid making common mistakes and having to fork over R700 an hour for a tax consultant.
  • Be able to find quick solutions to your own allowance and deductions problems so you won't have to spend hours doing research to find the right solutions.
  • Be able to take control of your company's finances and receive all your tax refunds back from SARS'.

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Before I tell you what the deductions are, you must first meet the following eight requirements.

Eight requirements to qualify for a deduction

  • You must carry on a trade;
  • You must earn an income or show the possibility of earning an income;
  • The amount you claim must be a expense or loss;
  • The expenses or loss must incur during the year of assessment;
  • You must make a expense or loss for the purpose of making an income;
  • You must lay out the expenses or loss for the purpose of trade;
  • The loss or expense  can't be of a capital nature; and
  • The expense or loss can't be prohibited.
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Six deductions you can claim once

If an amount qualifies for a deduction or you're allowed an allowance under more than one provision of the ITA. SARS won't allow a second deduction or allowance for that amount.

Six examples you can only claim once:

1.       Interest and finance charges;
2.       Legal expenses;
3.       Restraint of trade payments;
4.       Repairs;
5.       Wear and tear, and
6.       Bad and doubtful debts.

P.S. Never make allowances and deductions mistakes again... we have 47 of the most common allowances and deductions questions and solutions for you in 47 Allowances and Deductions: 47 ways to get your money back from SARS!


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