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
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.