TAX TIP – LESSOR’S WEAR AND TEAR ALLOWANCE
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TAX TIP – LESSOR’S WEAR AND TEAR ALLOWANCE

Taxpayers who let certain assets may qualify for a wear and tear deduction in respect of that asset. Under certain circumstances, the wear and tear deductible in respect of those assets are effectively limited to the rental income generated from that asset. Lessors should therefore be mindful of the applicable tax legislation governing wear and...