If you're ready to put your tax
woes behind you, read on.
You'll be able to find deductions in the most unexpected places with these rarely-heard tips from the Practical Tax Loose Leaf
Little-known Tax Break #1: You can claim the cost of getting a patent, design or copyright
If you bought a patent (or design, copyright, trademark) that is used in the production of your income, you can claim back up to R5 000. Remember, this is a break if you bought the patent, not if you spent money on developing your own.
If the patent cost more than R5 000 to buy, you can claim 5% of the price for patents, inventions and copyrights or 10% of the price paid for designs.
Little-known Tax Break #2: You can claim the market value of equity shares
This is a great little tax
break because you can empower your staff as well as score a deduction at once! If your company has a broad-based equity share plan, you can claim the market value of those shares (minus what the employees paid for them.)
Little-known Tax Break #3: You can claim a DOUBLE ALLOWANCE for learnerships
You're an employer, so you can claim two types of allowances for learnerships: A commencement allowance and a completion allowance. In the year that you enter a learnership agreement with a learner, you can claim the commencement allowance. In the year, that learner finishes their learnership, you can claim the completion allowance. This means you can claim two allowances for a single learnership!
If you want to know more about tax
breaks for your small business click here