SARS’s “Helping Hand” When Acquiring Business Assets

Most business taxpayers are familiar with the so-called ‘general deduction formula’ enshrined in Section 11(a) of the Income Tax Act 58 of 1962 (the Act). This section permits the deduction of expenditure and losses actually incurred in the production of taxable business income, provided that they are not of a capital nature. In broad terms, […]