Words like ‘relevant’ and ‘similar’ may seem very close in meaning, but the difference between them in a tax context has the potential to cause taxpayers pain. Moneyweb Tax
Words like ‘relevant’ and ‘similar’ may seem very close in meaning, but the difference between them in a tax context has the potential to cause taxpayers pain. The word ‘relevant’ was changed to ‘similar’ in the Taxation Laws Amendment Act in 2016 and took effect in 2017. This change appears to have narrowed the scope of finance charges that can be deducted for tax purposes.
Read: Could you be a provisional taxpayer without realising it? Rigid penalty regime drives taxpayer compliance Arendse notes that there has to be a factual causal link between the borrower’s obligation to pay the amount in question and the lender’s extension of credit to the borrower.
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