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I don't know what is s12e, can you help please?



Tshegofatso says:
8 April 2022 at 13:25

I don't know what is s12e

This query relates to question 4862 "Please enter the S12E accelerated depreciation allowance which the company can claim. Use our handy SBC calculator to help with your workings." in the Income statement section.

TaxTim TaxTim says:
9 April 2022 at 15:45

Section 12E allows for a 100% write off of the cost of plant and machinery brought into use by a “small business corporation” A Small Business Corporation (SBC) is a private company which complies with various requirements per the Tax Act. If it meets the definition of an SBC, it can take advantage of progressive tax tables (as opposed to the standard corporate tax rate) and also shorter depreciation periods for certain assets. This means less tax paid in the early years. The tax tables for SBCs are below: Financial years ending on or after 31 March 2023: Taxable income:                              Rate of tax: 0 - 91 250                                       0% 91 251 - 365 000                            7% of taxable income above 91 250 365 001 - 550 000                          19 163 + 21% of taxable income above 365 000 550 001 and above                         58 013 + 27% of taxable income above 550 000 Financial years ending on any date between 1 April 2022 and 30 March 2023: Taxable income:                              Rate of tax: 0 - 91 250                                       0% 91 251 - 365 000                            7% of taxable income above 91 250 365 001 - 550 000                          19 163 + 21% of taxable income above 365 000 550 001 and above                         58 013 + 28% of taxable income above 550 000 Go through the questions at Is my Business a Small Business Corporation? to see if your business qualifies.

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