Latest Updates

The e-Tax Guide has been updated with the following changes:

• The e-Tax Guide has been renamed from “Income Tax: Concession for Enterprise Development – Deduction of Certain Expenses Incurred Before Business Revenue is Earned” to “Income Tax: Deduction for Expenses Incurred Before First Dollar of Income is Earned” as the concession has been legislated under section 14R of the ITA.
• The provisions have been updated to make reference to the renumbered provisions in the Income Tax Act 1947 (2020 Revised Edition).
• The examples in the Annex have been updated to more recent dates, where applicable.

The e-Tax Guide has been updated with the following changes:

• Updated the tax change announced in Budget 2021 (i.e. allow a taxpayer the option to claim qualifying R&R costs incurred in the basis period for YA 2022 in one year instead of over three years) by:
  1. updating paragraphs 2.3 and 4.2 
  2. updating paragraph 9.1
  3. updating example 3 in Question 3 in Frequently Asked Questions of the Annex 
• Updated example 3 in Question 3 in Frequently Asked Questions of the Annex to provide clarity on how the three-year relevant periods in the example are arrived at. 
• Updated the section numbers based on Income Tax Act 1947 (2020 Revised Edition)

Updated information on the taxability of the Jobs Growth Incentive.

Updated to include information on the taxability of the Small Business Recovery Grant and the Progressive Wage Credit Scheme Payout.