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Depreciation / Wear and Tear Posts in Tax Q&A

Depreciation / Wear and Tear Related Posts - Page 10



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What is the useful life of a truck for SARS tax purposes?

Posted 4 March 2015

HOW MANY USEFUL LIFE DOES A TLB TRUCK HAVE?

Can I claim for travel expense if I earn a basic and comm and my comm is less than 50% for the year?

Posted 3 March 2015

I earn a basic and commission, but my commission is less than 50% of my income for the year. I have claimed travel expenses as I use my own vehicle and pay my own petrol etc. I submitted a logbook, but they have disallowed the travel expenses as my commission is less than 50% of my total income. Is this correct? How else can I claim for my travel expenses? As it cost me R58 171. 00 for the year and I should be able to get something back surely?

Are cellphone contracts and Laptop Contracts Tax Refundable if used mainly for work purposes

Posted 2 March 2015

If I have a cellphone contract as well as a contract to pay off a laptop of which both are used mainly for work purposes, I would say 80%. Can I claim Tax refunds on these "assets" and how would I go about calculating the cost of the asset based on the monthly contract price.

Do I need a log book for a sole proprietor

Posted 27 February 2015

Hi Tim, I am a sole proprietor and have a question about deducting my vehicle and petrol for business use. Currently I am deducting 70% of my vehicles monthly installment as well as 70% of my fuel costs from my taxable profit. However I have not been keeping a log book, the 70% is an estimate which in my opinion is a bit lower than my actual business use. Almost all my mileage is for business use. Could I get in trouble for this? Do I need to keep a logbook? If ever asked by sars I could give a ...

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Are computer components (CPU, RAM, etc.) considered to be "part of a set"?

Posted 20 February 2015

Regarding the writing off of assets under R7,000 in value, you mention here[*] that the items must not be "connected" to one another or form part of a set. I purchased 6 items this year (CPU, SSD, Case, PSU, RAM, M/board) [in 2 transactions] in order to upgrade my PC (used for work purposes). Are these items "connected" to one another / do they form part of a set?

The total amount was about R7,671. 16 ?%u20AC%u201C which means that I can't write this off if they are considered to be part of a set. Are they? Or can I write off all 6 items, as each of them cost less than R7,000?...

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Withholding of information and tax related information

Posted 17 February 2015

I am a member of a CC which was used for transactions of another person. The tax returns have not been submitted and they refuse to provide the information to enable me to submit these returns. They even "hijacked" the CC's info on e-filling, so I am unable to get any information. What must I do now?

Can I depreciate a second hand vehicle?

Posted 9 February 2015

Vehicle depreciation and year model clarity. Can I buy a second hand vehicle that is three years old and still depreciate the vehicle over five years?

Wasn't earning, now earning what will I pay in tax and do I go to SARS instead of eFiling.

Posted 5 February 2015

I'm a work at home struggling writer who doesn't get much work. I added up my bank statement for this year and I earned about R100k. I've been doing eFiling since it started but was told two years ago not to submit a tax return since I earned too little. R100k puts me into a tax bracket - do I go to my local SARS and fill in a form or do I do this online? BTW I bought a PC and Monitor, can I deduct that.

Allocation of Small Asset write off on ITR14

Posted 26 January 2015

ITR14: Would small assets (below R7000) that were expensed during the year, be reflected as depreciation (under Expense Items and Adjustments: Added back) and under Adjustments: Allowable as Wear and Tear: s11(e) on the ITR14?

Salary paid and claimable expenses?

Posted 26 January 2015

1. I am a salaried employee, I receive a travel allowance so I claim my business km's by using a logbook- but I would like to know whether I can also claim the depreciation on my vehicle even if I claim km's?

2. My wife was unemployed for 18 months, so I paid for her medical aid, she submitted a 0 return for herself, would just like to know whether I can claim the medical aid expenses on my tax return ( as I paid for it, but it is on her name). 3. I have a Samsung Tablet which I use 9...

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Maintenance claim on my vehicle if only recently started getting travel allowance for my personal mv

Posted 14 January 2015

I am a permanent salaried employee, I use my personal vehicle for business purposes, my company pays for my fuel, but I only recently started receiving a travel allowance, it has been worked into my current package so I don't get paid more it has just been incorporated into my salary package.

My question now is, will I be able to claim for the maintenance as per SARS calculation and my logbook? I have been using my vehicle since the start of the tax year, but as mentioned only starte...

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Depreciation calculation on low value asset

Posted 6 January 2015

I have been audited by SARS and they need a depreciation calculation for a low value assets (cell phone) that I used to conduct business for my employer. Please send me the calculation as I cannot retrieve it from my tax return that I did with you.

Settled business/private car tax allocation

Posted 5 January 2015

I have paid off/settled my car 4 years in advance that I use for business and private purposes. So far I've kept track of km for each and apply that percentage to my monthly installment as business expence. But how to go now about with the settled amount paid? What percentage must I use to allocate for tax purposes?

Can I invoice my employer as if I were a consultant instead of being an employee and paying PAYE?

Posted 5 January 2015

The question, I am employed by a company full time to which I fall in the 38% tax bracket and would like to figure a way out to pay less tax especially when I get paid commission over above my salary.
My company is open to the idea that I open a 'consulting' company to which I then invoice my employer as if I am not employed by them.

Is this possible and what are the implications of this approach?

Expenses for professional clothes, shoes and hair styling

Posted 8 December 2014

Can you claim expenses for clothes, shoes and hair styling if you are a self employed professional individual like an architect, lawyer or psychologist as an example, if you can argue that you need to wear professional clothes and look professional in carrying on your normal business?

Can I claim on diesel?

Posted 27 November 2014

what can I claim back from the tax as a cc example: diesel and how does it work we have got 2 vehicles that does all the work for the call outs and work to be done

How do I know whether to deduct wear and tear or lease payments on travel claim against allowance

Posted 20 November 2014

I receive a vehicle allowance and use a hired purchased vehicle for business use and need to know how to choose between depreciation (wear & tear) or lease payment on Travel Claim Against Allowance.

I guess what I'm asking is whether SARS sees a hired purchase payment the same as a lease agreement payment.

May I choose between the greater of the two?

Can I claim depreciation on my vehicle

Posted 20 November 2014

Depriciation on my vehicle

Claiming deductions for business expenses working as an independent contractor for a foreign company

Posted 19 November 2014

I work as an independent contractor for a company based in San Francisco, USA from my home office in Cape Town. Each month I invoice them for the number of hours worked and they pay in USD and I handle the forex to convert that to Rands.

I have some expenses directly incurred in generating this income (telecoms costs, software licenses, computer equipment depreciation and a portion of my electricity and rent for the home office, etc). I don't have an IRP5 from them since I'm not an employee and they aren't a South African company...

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If a educational service is rendenderd can I claim depreciation on laptop and other expenses?

Posted 18 November 2014

I rendered services to a home schooling business by draw up exam papers for them and receives the money by electronic payment. No tax is deducted by them because I am not on their payroll. Can I deduct depreciation on my computer. Can I claim any other expenses like internet service, printing. Can I claim a home office?

SARS need documents. What do I do?

Posted 17 November 2014

SARS need documents. What do I do?

Wear and tear and petrol claim on my ITR12?

Posted 12 November 2014

Can I claim for wear and tear on my vehicle even though I am an employee and work at the office from 9 to 5 daily? Can I also claim for petrol and if so how would I calculate this?

Depreciati?on/Wear and Tear

Posted 12 November 2014

Calculatin?g Depreciati?on/Wear and Tear (note 47), does it apply to both provisional taxpayer and regular taxpayer ?Under which conditions can you claim for it ?

Tax on small businesses?

Posted 10 November 2014

What if the Small business has had no profit, can I still claim from SARS

Depreciation claimed on my tax return?

Posted 6 November 2014

Can I claim depreciation on my laptop if it's older than 3 years and I haven't claimed before? If I can, how do I work out the depreciation value of the laptop? Thanks!
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Submit your
tax return
right here!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started