Explore answers with confidence.

Answer: Eligibility requirements for Initial Allowance and Annual Allowance in respect of an asset for a year of assessment: Initial Allowance (IA): ● Doing business within a basic period ● Perform PYL in basic period ● The asset is used for business purposes, and ● At the end of the base period (or if the asset is disposed of, at the time of disposal) he or she is the owner of the asset. Annual Allowance (AA): ● Doing business within a basic period ● Perform PYL in basic period ● The asset is used for business purposes, and ● At the end of the base period, he is the owner of the asset and the asset is still used in his business