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Tax Associate at Tax Consulting South Africa
Thomas Lobban holds and LLB and LLM from the University of Johannesburg and is a Tax Associate at Tax Consulting South Africa. His experience includes working as a Conflicts Analyst Assistant at Hogan Lovells where he conducted corporate research on various platforms, with a view to determining and identifying potential conflicts of interest for new business intake, working as an Editorial Assistant at TaxTalk and Business Law Tutor at the University of Johannesburg.
Taxpayers who carry on a trade are entitled to deduct their expenses from their income for tax purposes. However, such deductions will only be permitted if they have actually been incurred during the year of assessment in question.
The spirited Budget Speech given by Minister Tito Mboweni this Wednesday may have given many taxpayers a sense of cold comfort in otherwise tumultuous economic conditions in South Africa.