ITX 03 – Advanced Taxation – DEDUCTIONS
Course Presenter: L. Rautenbach
Duration: 5 hours
Maximum Attendees: 20
Course Level: Advanced
Costs: (FCS Clients, NIPA, ICAN) Not presented in 2019
Costs: (all others) Not presented in 2019
Aimed at: Practising Accountants and Auditors; Audit managers; Senior Accountants; Senior Tax Compliance Officers.
The presentation is very technical and deals with a detailed analysis of the deductions available under the Income Tax Act, with reference to a host of decided Court Cases.
Specific areas addressed include:
- What exactly is the “general deduction formula”?
- When can a taxpayer be said to be “Carrying on a Trade”?
- The requirements of “Actually incurred” and “In the production of income” explained.
- Amounts specifically prohibited from deduction.
- Capital Expenditure – what can be claimed and what not.
- Why is repairs & maintenance expenditure classified as capital expenditure and when can it be claimed?
- Interest expenditure – when does it qualify for deduction and why may interest on a loan used to acquire shares / members interest usually not be deducted?
- Forex Gains & Losses – what may be claimed & when?
Various other deductions are discussed – this presentation may hold a few surprises even for seasoned tax consultants.