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Deductions, Gross income less exempt income income less deductions,…
Deductions
General Deductions formula
actually incurred
Edgars
Pyott
Golden Dumps
in the production of income
not exempt
PE Tramways
SG Taxpayer
Spur
expense/loss
Labat
not of a capital nature
Palaborwa
New State Areas
carrying on trade
11A
Pick'nPay
Prohibited deductions
not trade (23(g)
not domestic (23(b)
not recoverable insurance (23(c)
Assessed losses
Company (20(2)
limit to 80% of taxable income and R1 mil (higher)
Natural person
maximum marginal tax rate
3 out of 5
suspicious activities
Specific allowable deductions
Legal expenses (11(c)
Restraint of trade (11(cA)
Where are we?
Gross income
less exempt income
income
less deductions
Revenue in nature?