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Online Share Trading

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Books bought

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Jemaiks
Frequent Contributor
Hi Simon or anyone please, Are we allowed as traders to deduct books that we bought on investing for tax purposes? I surely hope we can, as i have spent hundreds over past two years.
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2 REPLIES 2
WES
Super Contributor
Yes you can. In terms of sec 11a, you can deduct expenditure incurred in the production of income. Buying books ect help to to trade,in other words to earn income, therefore the cost of the books are in the production of trade income, on which you get taxed, the expenses is therefore deductable.
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doomsdayza
Super Contributor
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