Deductions & Tax

The Income Tax Act and the Tax Admin Act permits the deduction of all expenses or outgoings incurred in gaining the assessable income, as well as all costs necessarily incurred in conducting the taxpayer’s business.

Non Allowable Deductions

Any expense may be apportioned between deductible and non-deductible if the expenditure was not incurred wholly in deriving gross income or carrying on a business. Tax Law specifies some expenses as not allowable.

Deductible & Non Deductible

Remember, you can claim whatever expense it costs you to earn your income. It is irrelevant that no one has ever claimed that particular expense before. You are limited only by your imagination and time.

Major Deductible Expenses

You can claim expenses you incur operating your business, provided you keep sufficient records of your expenditure. Some commonly claimed expenses are motor vehicle, entertainment, use of home, travel and losses etc.