Schedule 15: Farming (excl. partnerships)

Schedule 15 captures all income and expenses derived from farming activities, excluding partnerships.

Income

• Livestock, game & produce sold or given in exchange;
• Livestock, game & produce donated;
• Livestock, game & produce removed from Namibia;
• Value of Livestock, game & produce consumed;
• Subsidies received;
• Other farming income.
• Recoupment income (complete Schedule 19A for figures);

Expenses

• Livestock and produced purchased / received in exchange;
• Motor Vehicle Expenses (complete Schedule 19 for figures);
• Loss from Scrapping (complete Schedule 19A for figures);
• Capital Development Expenditure Details:
  • Brought forward from previous year;
  • For the current year;
  • Carried forward to the following year.

Required Attachments

• Donations
  Please supply a list reflecting the name of the done, the amounts of the donation and attach the certificates issued by the educational institution or welfare organization to which the donations was made;
   
• Details are required per schedule on the items specified below:
  • Bad debts written off
    Please supply a list reflecting the name of the debtor, the date and amount of the bad debt, the reason and amount written off and the action taken to recover the amount;
     
  • Legal expenses claimed
    Please supply a list reflecting the date and nature of the legal expense, the grounds on which it is claimed as a deductible and the amount;
     
  • Losses as result of theft / fraud
    Please supply a list with the date, nature and the amount of the loss and the amount recovered under any insurance policy, in case of stock losses indicate the method of accounting for such losses;
     
  • Foreign travel expenses
    Please supply a list with the purpose and date of each foreign trip and the amount claimed. Where such a trip included private travel, the basis of allocation of the total expenses between private and business is to be fully disclosed.
     
  • Building allowances claimed and recoupments: (Sections 14(4) & 17(1)(f))
    Please supply a schedule listing the description and address of each building, the erection cost of each building, the year in which it was brought into use, the initial allowance claimed, the annual allowances claimed to date and the allowance claimed / recouped during this year of assessment – differentiating between building for business purposes and buildings for manufacturing purposes;
     
  • Other assets and recoupments: (Sections 14(4) & 17(1)(e)
    Please supply a schedule listing the assets, the assets purchases and sod, the allowances claimed in prior years and the allowances claimed / recouped in the current year. In instances where the number of assets is too numerous to reflect as detailed above, opening balances brought forward and current year movements will suffice. However, detailed registers should be available for inspection when required;
     
  • Recovery of deductions and set-offs (Sections 14(4) & 14(5)
    Submit details reflecting any deductions or set-off claimed which has been recovered during the year under review;
     
  • Leasehold improvements
    Please supply description and value of leasehold improvements and name and address of owner of the property. Also, supply a copy of the lease agreement in terms of which the improvements were done;
     
  • Fixed Property Repairs
    Please supply description and cost of repairs in respect to each property;
     
  • Entertainment expenses
    Please supply a list of people / businesses entertained: (PLEASE NOTE: private entertainment expenditure may not be claimed);
     
  • Other expenses incurred in the production of income
    Please supply a list indicating the nature of the expeses and the amounts expended;
     
  • Other deductions
    Please supply a list indicating the nature of the deductions and the amounts claimed;
     
  • Interest on loans and mortgage bonds
    Attach a statement showing:
    • Property on which loan or mortgage was raised;
    • Names and addresses of persons to whom or institutions to which interest accrued was paid per loan or mortgage bond (NB. The amounts must not include capital repayments on the bonds or loans)
       
  • Section 17(1)(o) Lump Sum contributions by employer to pension / provident / benefit funds: Submit copy of the approval granted by the Commissioner of Revenue Management;
    • Vehicle Expenses: insert amount per schedule 19
       
    • Recoupments
      An allowance claimed in respect of any asset under section 17(1)(e) in prior years in wholly or partly recouped if such asset is sold, or removed from the trade(s) in respect of which the allowance was claimed, or removed from Namibia during the year of assessment under review. Calculations are to be reflected in a separate schedule;
       
    • Study Policies
      Premiums paid, amounts received and proceeds applied – Refer Notes 16 & 19;
       
• The following details are required in respect of each item:
  • The name and address of each business / person to whom sales were made and the quantities, description of the livestock, game or produce sold and the selling price;
  • The quantities, description of livestock, game or produce donated and the market value of the items donated at the time of the donation;
  • The quantities, description of the livestock, game or produce removed from Namibia and the market value of the items removed at the time of the removal – copies of the Customs declaration forms are to be attached
  • The quantity, description of the livestock, game or produce used for own consumption and the market value of the items consumed during the year of assessment.
     
• The name and address from whom livestock or produce was acquired, the description of the livestock or produce purchased and the purchase price.
   
• Recoupment of capital expenditure written off in terms of paragraph 10 of Schedule 1 to the Act. Please supply a schedule reflecting a description of the assets sold, the amount for which it was sold and the amount previously allowed as a deduction which was recouped. Other farming income – Please list details – description and amount
   
• Farm: development and improvement expenditure: Provide a list with:
  1. Amount brought forward from previous year;
  2. Add: Expenditure incurred during the year under review – description and amount
  3. Less: Amount claimed (may not exceed the Net Income from farming)
  4. Balance: Amount carried forward to ensuing .
      
• Provide a list of adjustments made to arrive at this figure (include amounts contributed to retirement funds and premiums paid in respect of study policies – supported by certificates from the institutions).
   
• The amount to exclude any VAT levied.