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TOPIC: Tax deductions - sole proprietor

Tax deductions - sole proprietor 6 years 9 months ago #3428

  • Janet
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Hi there,

Just want to know if you can deduct a salary as a business expense as a sole proprietor. I know logic says no as you get all the money in the end - just have to make 100% sure :P
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Tax deductions - sole proprietor 6 years 9 months ago #3432

  • Matthew Haddon
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Hi Janet

No, you cannot. Effectively, as a sole proprietor, the money comes out of an account owned by you, back into another account owned by you.

These days SARS will pick up on things like this because as of feb 2012, all banks will submit recons to SARS, much like empolyers do, detailing money recieved and interest earned on all your accounts, and they will link it to your fica docss so there is no hiding.

Good that you asked. Better to ask a silly question than make a silly mistake.

Matthew
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