I just want to find out the following...
If a company say made a Loss in the 2013 year say -R 50 000, and that company made a profit of say R 40 000 the following year.
Will this be treated as (-50 000 + 40 000) = -R10 000 assessed Loss so we dont have to pay Income tax?
Will the second years Profits of R40 000 be seen as profits and well have to pay taxes on that? Then the balance of the loss will carry over
to the next year?
Any help would be usefull..