Repairs and improvements
| OUTCOMES OF TOPIC After studying this topic related to repairs and improvements, you should be able to: ✓ Understand what is meant by “repairs”; ✓ Understand the difference between “repairs” and “Improvements”; ✓ Understand when “repairs” will be allowed as a tax deduction and when it will be disallowed; ✓ Understand what the tax treatment of improvements is; ✓ Interpret financial statements with reference to the accounting policies and notes to the financial statements to determine the accounting treatment of repairs and improvements; ✓ Determine whether it is necessary to make adjustments on the ITR14 for repairs and improvements. |