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Tyronicle says: 26 August 2015 at 9:52 When seeking to deduct expenditure against my business income in the 'business income" section, I apply the general rule right - only deduct what I actually incurred to date, not what I paid? |
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TaxTim says: 26 August 2015 at 16:36 Yes, correct - you can deduct what has been incurred and not necessarily paid yet. However, you need to have the relevant supporting documents (eg. invoice) dated within the relevant financial year. For example, if you are claiming expenditure for your 2015 tax return, you can claim invoices for that year as long as they are dated on or prior to 28 Feb 2015. The similar principal applies of course to your income whereby you need to include all income accrued or due (and not necessarily paid) to date. |
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