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Lapses on cancelled policies

Posted 6 November 2015 under Tax Questions



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Izhaar says:
5 November 2015 at 18:32

I am at the part on my tax return which asks - Did you receive any money for work that you were taxed on, or money for restraint of trade, which you then had to give back to your employer? These are amounts refunded as per s11(nA) and s11(nB).

I am currently a financial adviser and we incur lapses on policies that were cancelled. This money is taken away from us. Do I use that amount here?

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TaxTimTaxTim says:
6 November 2015 at 6:40

No, these sections are for income earned and then you had to pay back, the income was taxed already.


Izhaar says:
6 November 2015 at 11:38

This money was earned by me. I payed tax on it.
Few months later it gets taken away.
Does it go in this section? Or bad debts?


TaxTimTaxTim says:
6 November 2015 at 15:34

Yes then you would include with the question that asks for about refunds - s11nA.


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