Commercial building allowance
| OUTCOMES OF TOPIC After studying this topic related to capital allowances on immovable assets, you should be able to: ✓ Determine when an allowance in terms of section 13(1) may be claimed for manufacturing buildings; ✓ Calculate a capital allowance in terms of section 13(1) for manufacturing buildings; ✓ Determine when an allowance in terms of section 13quin may be claimed for commercial buildings; ✓ Calculate a capital allowance in terms of section 13quin for commercial buildings; ✓ Determine when an allowance in terms of section 13sex may be claimed for residential buildings; ✓ Calculate a capital allowance in terms of section 13sex for residential buildings; ✓ Determine when an employer could qualify for an allowance in respect of the sale of low- cost residential units in terms of section 13sept; ✓ Calculate a capital allowance in terms of section 13sept in respect of the sale of low-cost residential units; ✓ Determine when an allowance may be claimed for buildings in urban development zones in terms of section 13quat; ✓ Calculate a capital allowance in terms of section 13quat for buildings in urban development zones; Complete the “Tax Computation” section on the ITR14 return in respect of non-deductible depreciation/ amortisation for accounting purposes; ✓ Complete the “Tax Computation” section on the ITR14 return in respect of non-taxable / non-deductible fair value gains/losses in the Statement of Profit or Loss and Other Comprehensive Income; ✓ Complete the “Tax Computation” section on the ITR14 return in respect of the applicable capital allowance in terms of the Income Tax Act. |