The South African Revenue Service (SARS) has published the fourth issue of Interpretation Note No. 47 on wear-and-tear or depreciation allowance, dated 24 March 2020. Purpose The Note provides guidance on the circumstances in which the wear-and-tear or depreciation allowance in section 11(e) of the Income Tax Act 58 of 1962 may be claimed as a deduction. The Note also provides guidance on the application and interpretation of section 11(e) in relation to the determination of: the "value" of a qualifying asset on which the allowance is based; and the acceptable write-off period of a qualifying asset. The Annexure of...