Introduction Capital Allowances
| OUTCOMES OF TOPIC After studying this topic on the introduction to capital allowances, you should be able to: ✓ Understand what is meant by the term “capital allowances”; ✓ Understand which taxpayers may claim capital allowances; ✓ Recognise why a difference between accounting depreciation/amortisation and capital allowances in terms of the Income Tax Act may exist; ✓ 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 the applicable capital allowance in terms of the Income Tax Act. |