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The "small" item wear and tear allowance is R7 000.00 - and has been that since 1 March 2009.
SARS has this to say for the "Small" item wear and tear allowance in their INTERPRETATION NOTE 47
So more than 16 years later - Is it just me being silly, or is this "small" item wear and tear allowance long overdue for an inflation adjustment?
SARS has this to say for the "Small" item wear and tear allowance in their INTERPRETATION NOTE 47
"Small" items
The cost of "small" items such as loose tools may be written off in full in the year of assessment in which they are acquired and brought into use. A "small" item in this context is one which normally functions in its own right, does not form part of a set and is acquired at a cost of less than R7 000 per item. The amount of R7 000 applies to any qualifying asset acquired on or after 1 March 2009.
A table and six chairs which plainly form part of a set can, for example, not be divided into individual independent items costing less than the specified amount. The cost of such a set amounting to R7 000 or more cannot be written off in full during the year of assessment in which the set was acquired and brought into use.
Also, the "small items" write-off does not apply to assets acquired by lessors for the purpose of letting.33 Thus lessors that let small items such as DVDs, clothing, machinery, pallets or gas cylinders must depreciate these assets over their useful lives.
The cost of "small" items such as loose tools may be written off in full in the year of assessment in which they are acquired and brought into use. A "small" item in this context is one which normally functions in its own right, does not form part of a set and is acquired at a cost of less than R7 000 per item. The amount of R7 000 applies to any qualifying asset acquired on or after 1 March 2009.
A table and six chairs which plainly form part of a set can, for example, not be divided into individual independent items costing less than the specified amount. The cost of such a set amounting to R7 000 or more cannot be written off in full during the year of assessment in which the set was acquired and brought into use.
Also, the "small items" write-off does not apply to assets acquired by lessors for the purpose of letting.33 Thus lessors that let small items such as DVDs, clothing, machinery, pallets or gas cylinders must depreciate these assets over their useful lives.