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Allocation of Small Asset write off on ITR14

Posted 26 January 2015 under Tax Q&A


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ITR14: Would small assets (below R7000) that were expensed during the year, be reflected as depreciation (under Expense Items and Adjustments: Added back) and under Adjustments: Allowable as Wear and Tear: s11(e) on the ITR14?

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TaxTim TaxTim says:
27 January 2015 at 11:00

If the item is less than R7000 then yes you can write this off in the first year and would be reflected on this space in the return.


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Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started