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Deductions for bonuses, gratuities and leave reserves were provisions not deductible; assessments confirmed and 70% penalty imposed.
Income tax – deductibility – provisions vs accruals – meaning of “incurred” as unconditional legal obligation – Collective Bargaining Agreement timing and authorisation requirements – practice generally prevailing/proviso to s 47(1) – PAYE liability on remuneration – penalty for incorrect returns (70%).
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