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Training debt

Posted 1 September 2015

PilotW says:
31 August 2015 at 10:12

Hi Tim. I was given functional training by the govt to the tune of R1,2 mil. In return I had to work it back over 13 years as part of the training bond. I left with 4 years to go. I now owe R350k. I will attempt to pay it back in lump sum as the interest they are charging is at prime. When I pay back the money via EFT is this tax deductible?

TaxTim TaxTim says:
1 September 2015 at 7:28

Unfortunately not, it is essentially a loan made to you by the business and cannot be claimed for tax purposes.

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