Business Deductions, Stock & Tax Course

As a tax professional, learners are immediately confronted with large volumes of detailed tax theory, and struggle to understand how the theory fits into the end goal of preparing tax computations.

This course has been designed to develop a foundation of simple application upon which the complexities of taxation can be built at a later stage. The approach is practical rather than theoretical.

Topics Discussed:

• The General deduction

  • Trade

  • Tax VS Accounting

  • Expenditure and loss

  • Actually incurred

  • During the year of assessment

  • In the production of income

  • Not of a capital nature

• Specific deductions

  • Double deductions – section 23B

  • VAT – section 23C

  • Legal Expenses

  • Restraint of trade payments

  • Registration of patents, copyrights, designs and trademarks

  • Acquisition of patents, copyrights and designs

  • Research and Development expenditure

  • Bad Debts

  • Doubtful Debts

  • Employer Contributions: Pension, provident and benefit funds

  • Donations to public benefit organizations

  • Annuities paid to former employees on retirement

• Deductions specifically not allowed in determination of taxable income

  • Private and domestic expenditure – Sections 23 (a) and (b)

  • Insured losses – Section 23 (c)

  • Tax, penalties and interest on tax – Section 23 (d)

  • Provisions – Section 23 (e)

  • Expenses to produce exempt income – Section 23 (f)

  • Non-trade expenditure – Section 23 (g)

  • Restraint of trade payments – Section 23 (l)

  • Expenditure relating to employment – Section 23 (m)

  • Fines and corrupt activities – Section 23 (n)

• Prepaid expenditure – Section 23H

• Trading Stock

  • Section 22

  • Closing Stock

  • Opening Stock

  • Cost for the purposes of section 22

  • Stock acquired for no consideration

  • Periods shorter than a year of assessment

  • Private and domestic consumption

All Included:

• Video presented course

• Downloadable course material

• Certificate of training

• Assessment (optional)

• SAIT Accredited - 4 Verifiable CPD Points