Prohibited Deductions Flashcards
1
Q
S23(c)
A
Insured loss
2
Q
S23(d)
A
Tax, penalties, levies, fines
3
Q
S23(e)
A
Provisions
4
Q
23(f)
A
Expenses incurred to produce exempt income
5
Q
S23(g)
A
Non-trade expenditure
6
Q
S23(l)
A
Expenditure relating to restraint of trade payments
7
Q
S23(0)
A
Fines and corrupt activities
8
Q
S23(q)
A
Expenses relating to foreign dividends
9
Q
S23 B
A
Prohibition of double deduction
10
Q
S23 C
A
Reduction of cost or MV of certain assets
If VAT was claimed: deduct cost excluding VAT
If VAT was not claimed: deduct cost including VAT
11
Q
S23 H
A
Limitation of certain deductions (prepaid expenses)
Deduct non prepaid amount
Deduct prepaid amount if less than R100 000 or receivable within 6 months of year end.
12
Q
S23(h)
A
Notional interest
Interest of capital employed in trade
