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TaxTim says: 13 March 2015 at 11:46 It is not tax deductible as the amount in question is a capital figure - a loan essentially. |
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FWG says: 13 March 2015 at 11:59 What happens if the company is liquidated and cannot repay the loan? |
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TaxTim says: 13 March 2015 at 12:00 The bank could sue you personally for the amount as you have signed surety. |
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FWG says: 13 March 2015 at 12:09 I have been sued and have paid. What if the company is liquidated and cannot pay me back? It thus becomes a bad debt and the question is, is it tax deductible? |
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TaxTim says: 13 March 2015 at 12:17 The company and you are connected persons, so unfortunately you will not be able to claim the capital loss, otherwise in theory anyone could take advantage of such a transaction. |
