Does SARS recognise a tax loss as a deferred tax asset?
By Marc Sevitz · Updated
I am a provisional tax payer and for the 2015 tax year, I will have recorded a net income loss. Am I correct in saying that this will yield me a tax loss (deferred tax asset) which I can use to offset my taxable income in subsequent tax years?
The loss was substantial and I hope to be able to use the tax loss to offset my taxable income for at least 2 years.
SARS does not recognize "Deferred tax assets" This is an accounting term, but generally assessed losses are carried forward into the next year (depending on the nature of the loss)