Page 28 - Chapter 22 - Foreign Exchange (Cont.)
P. 28
Solution: Acquisition Of Assets
Year of assessment ended 28 February 2015
Cost of machine
Purchase price (FC100 000 × 6,60) R660 000
Freight and insurance R10 000
Import duty R45 000
R715 000
S 12C allowance (20% × R715 000) (R143 000)
Since the machine is brought into use only on 1
April 2015, the s 12C allowance of R143 000 may be
claimed for the first time in the 2016 year of
assessment.
