Hi TaxTim,I earn commission, all my income is derived from selling luxury automobiles.What are all the tax deductions I can claim for?What percentages of these deductions will I get back?I tried asking SARS this, you think they will help me... not a chance.
You are able to deduct all the expenses related to the commission you earned which will reduce the income that gets taxed. So make a list of all the expenses you have, see which ones are pure business related expenses and those you will be able to claim against the income.
ImTiazsays: 26 June 2013 at 9:29
Am I allowed to claim for food and entertainment expenses seeing that I only earn commission? "Claims against commission"
TaxTimsays: 26 June 2013 at 21:45
Only expenses incurred in the actual earning of the commission - so expenses which led to the earning of income. Food expenses you would normally incur so these cannot be claimed. SARS are looking heavily into entertainment expenses so be sure to have accurate records of who you were entertaining before submitting these claims.
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