n Tax Breaks Newsletter - Wear and tear allowances - changes are on the way : income tax

Volume 2009, Issue 279
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Most readers of will be aware of the general principles contained in Section 11(a) of the Income Tax Act concerning the deductibility of an expense for income tax purposes. One of the stipulations of this Section is that expenses of a capital nature are specifically excluded.

However, the legislators have long recognised that the amount by which a capital asset loses value each year as a result of normal use represents a cost to the taxpayer, and for this purpose Section 11(e) provides that a wear and tear allowance can be claimed for this purpose.

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