|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.