Tax deductions on interest paid to Ex Partner

Tax deductions on interest paid to Ex Partner

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I have a client who has started paying interest to an ex partner on a loan he has left in the business. My recloection was that this was paid net of tax - he got R185s to evidence the tax deducted - & the tax was paid over to HMIT using a CT61.

I have tried using the revenue web site but cannot find the CT61 or get notes that these are no longer used.

What is the correct proceedure???
Michael Page

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By ACDWebb
25th Feb 2004 09:29

Is CT61 relevant
as this is a partnership not a company?

Is this not D3 interest payable gross and allowable as a business loan?

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By Taxboss
24th Feb 2004 18:12

Deduction of Tax
CT61 procedure is still applicable

Make an application to Accounts Office for CT61 return using CT reference and complete as normal (quarterly payment of 20% income tax)

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