Deduction: Other Series
Deduction: Other Series
What's Included:
The Income Tax treatment of legal expenses
OUTCOMES OF TOPIC After studying this topic related to legal expenses, you should be able to: ✓ Understand that, in addition to deductions which are allowed in terms of the general deduction formula, there are certain special de ductions that are specifically allowed in terms of provisions contained elsewhere in section 11 of the Income Tax Act (ITA); ✓ Determine whether a legal expense meet the requirements of s 11(c) of the ITA; ✓ Understand what the definition of an “expense” is for accounting purposes; ✓ Understand the accounting treatment leading to the recognition of legal expenses as an expense in the Statement of Profit or Loss and Other Comprehensive Income; ✓ Determine the tax treatment of legal expenses and identify whether any adjustments to the tax calculation are necessary; ✓ Be able to properly disclose adjustments related to legal expenses and complete the relevant sections of the ITR14.
0.5 Hour | R49.00
Assessed loss considerations related to non-natural persons
OUTCOMES OF TOPIC After studying this topic related to assessed losses, you should be able to: ✓ Understand what the term “assessed losses” mean; ✓ Explain and practically apply the assessed loss provisions; ✓ Identify when the set-off of assessed losses will be disallowed in terms of section 103(2) of the Income Tax Act; ✓ Identify when assessed losses will be ring-fenced in terms of section 20A.
