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Questions and Answers
What is the primary condition for a person to receive capital allowances?
What is the primary condition for a person to receive capital allowances?
- The person must be a contractor
- The person must be carrying on a business (correct)
- The person must be a freelancer
- The person must be an employee
What is the nature of certain deductions given to a person carrying on a business?
What is the nature of certain deductions given to a person carrying on a business?
- They are given as a concession (correct)
- They are available to all individuals
- They are mandatory by law
- They are only for large businesses
What is the purpose of capital allowances in a business?
What is the purpose of capital allowances in a business?
- To reduce the taxable profit (correct)
- To calculate the business's depreciation
- To determine the business's capital gains
- To increase the taxable profit
Who is eligible to claim capital allowances?
Who is eligible to claim capital allowances?
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What is the impact of capital allowances on a business's taxable income?
What is the impact of capital allowances on a business's taxable income?
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