Transcription of Home office expense
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Home office expense
Home office expenseWelcome to theSARSHome office expenses WebinarPurpose:This presentation is merely to provide information in an easily understandable format and is intended to make the provisions of the legislation more accessibleDisclaimer:The information therefore has no binding legal effect and the relevant legislation must be consulted in the event of any doubt as to the meaning or application of any provision. 1 Points for Discussion IntroductionRequirements for a home officeCalculating a home office deductionHome office and Capital Gains Tax (CGT)Record Keeping2 Introduction South African Revenue Services has over the years allowed the deduction of home office expenses in the determination of taxable income.
Expense of a capital nature are not allowed i.e. repayments on bond capital, limited to interest on the bond. The expenses must be actually incurred and in the tax year in question e.g. in 2021 tax year is from (2020-03-01 to 2021-02-28) and all expense incurred must relate to the home office. Below are example of expenses that can be claimed;
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