I work for myself running a trading business. I purchase a cell phone for my business for 10k and a coffee machine for my office for 12k. Are these fully deductible in the current tax year they were purchased?
The general rule is that assets with a cost above R7,000 should be capitalised i.e. not written off or expensed in full in the year of purchase. You can record wear and tear (i.e depreciation) over a set time period based on SARS prescribed rates. See our Wear and Tear calculator
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