The core Construction leadership team in SA has more than 65 years of experience specifically relating to audits of JSE Listed Construction companies including acting as Reporting Accountant Specialists and Advisors to new listings or Category 1 transactions.
Section 24C allowance allows for the deduction of future expenditure on contracts provided that the expenditure will be incurred after year end and in such a manner that it will be allowed as a deduction from income in a subsequent year of assessment or in respect of an asset.
In the recent case of W Taxpayer v CSARS (IT 45672), the tax court considered allowances claimed by a taxpayer, relating to landfill cells constructed by it. This article summarise the case and key findings in respect thereof, which would be of relevance to taxpayers operating within the construction sector.
According to the SARS annual reports, statistics show indicate that the tax revenue generated from the construction sector has declined over the last 3 years.
Current status of the industry
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