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Can we deduct loan payments ans taxi fare expenses?

Posted 16 February 2015

Hi TimI would like to know if a private company can deduct a loan repayment which was utilized in the production of income, the proceeds received and receivable, of which have been included in gross income. Furthermore, can the company also deduct other miscellaneous expenses such as taxi fare and so on. Thank you.

TaxTim Marc TaxTim Marc said:
17 February 2015 at 9:54

Why was a loan included in gross income?

Sibongiseni said:
17 February 2015 at 13:16

It was the proceeds (income) that was included in gross income not the loan. The loan was acquired to produce the income.

TaxTim Marc TaxTim Marc said:
19 February 2015 at 10:14

Loan repayments can never be deducted for tax purposes, yet if you paid interest on the loan then this would be allowed to be deducted for the purposes of tax.

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