Section 12B and Farming Equipment: The Tax Deduction Farmers Don’t Know About
Quick answer Section 12B is a provision in the South African Income Tax Act that is designed to give farmers an accelerated tax deduction on qualifying movable assets used in farming, rather than a slow annual write-off. The allowance provides a powerful cash-flow benefit, because in many cases it allows you to deduct the full […]
Understanding the 50:30:20 Wear & Tear SARS Tax Allowance Scheme
Quick answer The 50:30:20 wear-and-tear allowance is a SARS write-off method that is designed to let a business deduct the cost of qualifying plant and machinery across three years rather than all in one tax year. The schedule provides a 50 percent deduction in year one, 30 percent in year two and 20 percent in […]
The Importance of Preventative Maintenance in Maximizing Equipment Efficiency – by the MCM Group
Quick answer Preventative maintenance is a planned schedule of checks and services that is designed to catch wear before it causes a breakdown, which provides longer machine life and fewer expensive failures on site. A maintenance routine provides predictable running cost, because servicing on time allows you to replace cheap parts such as filters and […]