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Depreciation / Wear and Tear Posts in Tax Q&A

Depreciation / Wear and Tear Related Posts - Page 3



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Travel claim against commission income /vehicle claims

Posted 6 April 2016

Can you claim depreciation as well as finance charges on a travel claim against commission income?

How to submit an oustanding return when you don't have an IRP5 and cannot find the employer?

Posted 5 April 2016

What do you do if you have an outstanding SARS tax return for 2011 if you do not have an IRP5 for that tax year since the company you were working for cannot be found/traced? I was working on a contract basis and do not recall ever receiving an IRP5 for that year. I have submitted tax returns before and was never made aware of any outstanding tax returns. Only now that SARS needs to pay me money back do they mention that there is an outstanding tax return for 2011. How does there system work? I ...

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What are wear and tear deductions on laptop and car?

Posted 31 March 2016

I use my car to go to and from work. I bought the car in 2015. Can I use this as a deduction on my next tax return? I also use my personal Laptop for work, all day everyday, bought it about 2 years ago, can I also get a deduction on this?

Wear and Tear claim for home office equipment for sole proprietor

Posted 31 March 2016

Can a sole proprietor claim wear and tear on home office furniture, equipment, computers? What is the allowance?

Can't acquire irp5 from previous employer before emigration

Posted 29 March 2016

My previous employer liquidated on 12 February this year & the liquidation hasn't been completed yet. I am scheduled to move to work in Dubai in mid April on a 3 year non binding contract and I am wondering what would be the best solution to file my tax returns for the 2016 tax year?

Just in case I am unable to acquire the liquidators details before I leave for Dubai? Or what can I do if the liquidator does not send me the IRP5?

What to do if SARS penalises me?

Posted 17 March 2016

I was working freelance for 2 companies. My salary was plus minus R15,000 a year. SARS penalised me because I don't fill in forms. They say I owe R10,500. I don't have that money - what can I do?

What are business related expenses if you are a bookkeeper working from home?

Posted 17 March 2016

What are business related expenses if you are a bookkeeper working for several clients from home?

What other documents are required besides submitting an affidavit?

Posted 11 March 2016

I worked for a company for one day and I haven't tax returned due to personal circumstances in 2014. I have been unemployed ever since. SARS is requesting I think an ITR12 / IRP5. I cannot submit either of these documents. What do I do besides get an affidavit?

Outstanding tax returns and arrears for commission earner

Posted 9 March 2016

I have outstanding tax returns for 2012/2014/2015 and the subsequent penalties outstanding PLUS an arrears amount of just short of R20 000. I am registered for e-filing but find expenses I can claim for and their relevant codes very confusing so have saved the tax returns without any expenses claimed. I am a commission only earner in property sales and have IRP5's for the relevant periods. I have not kept a log book for petrol and kms but have slips for petrol, car expenses, data costs, client ...

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What are acceptable write off periods for depreciation?

Posted 25 February 2016

In addition to my previous question, the "Schedule of Write-off Periods Acceptable to SARS" (provided by SARS) - does that apply to Depreciation and/or Wear and Tear?

Can I not decide on a set period for all my assets and write off depreciation and wear and tear at that same rate? Example: @ 25%

No tax returns since 2010?

Posted 25 February 2016

My husband still owes his 2010 tax return to SARS. His employer never furnished him with a IRP5 and also never paid over his tax for that year or supply him with a payslip. Up to today he did not supply him with an IRP5 and I am worrying myself sick about the penalties and stuff. What must he do? Will they keep my husband accountable for that money? Thx this is a great website. Wish I knew about it earlier! Will definitely do my tax return via you.

Company car versus personal car and travel allowance

Posted 23 February 2016

A client of mine is the sole shareholder and employee of his company. He does a lot of car travel for his work.
What is the most beneficial method in terms of tax:
to buy a car in his own name, or to buy one in the company name and use it for business and personal (will be small personal use)?

Lawn mower purchase

Posted 23 February 2016

We are a NPO and want to know if we can write off an lawn mower bought for cash second hand for R9000. 00

Claiming travel expenses on a fixed cost basis without an travel allowance

Posted 22 February 2016

I am self employed and earn commissions and fees. Can I claim a travel expenses on a fixed cost basis even if I don't get an travel allowance?

Fuel Reimbursement

Posted 19 February 2016

What tax code must be used when a company reimburses fuel only and business km's exceeds 8000km per annum. There is no refunds for wear and tear, repairs and maintenance or insurance. At present the code on the IRP5 is 3702, is this correct?

Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

Posted 19 February 2016

I have bought a second hand car for an amount of R168000 in cash, 3 months later I decided to sell the car as it is not being used often for an amount of R215000. Will I be liable for capital gains tax on this?

Car vs car allowance tax

Posted 16 February 2016

From a tax perspective which is more beneficial to an employee: a car allowance or a company provided vehicle? What would the impact be on either if the employee does not travel sufficient business kilometres on both?

Cellphone expenditure deduction code

Posted 12 February 2016

I receive a monthly cellphone allowance. Under what code do I deduct the actual expenditure on my tax return on SARS eFiling? The "other" category has not historically been available to me.

Minimum asset write off for depreciation?

Posted 8 February 2016

What is the amount per asset that you can immediately wright of for example if an asset cost less than R7000 you can depreciate it to R1 immediately to pay less tax?

Unemployment and provisional tax

Posted 8 February 2016

I was unemployed for roughly six months of the 2015/2016 tax year, do I need to submit any proof. Now with the new work I have to pay provisional tax because I work for myself but not as a company, how does this affect tax deductions?

Is it an expense of must it be depreciated?

Posted 3 February 2016

I am quite confused and google doesn't help. I am a freelancer and I work from home. I have a dedicated office therefore I deduct my business expenses. I recently had to upgrade my computer network - my question is, is this an expense i. E. Do I deduct the amount I spent buying the computer, or do I have to do the depreciation calculation? Is there some monetary limit to make it easier to figure out when it is an expense and when the depreciation calculation must be applied?

Vehicle Finance - should I be noting my monthly vehicle installment on tax return

Posted 20 January 2016

Finance / Other Costs - Travel Allowance

Hello,

just to confirm the vehicle I current use for business travel is financed - would this be where I enter my monthly finance installment or is this not supposed to be noted on a tax return?

Provisional tax expenses to claim

Posted 19 January 2016

As a provisional taxpayer, what expenses can I claim to reduce my tax. I travel to clients, can I claim my travelling, also I had to replace engine and clutch I this tax year, can I claim for these expenses and what portion would I get back from SARS

Tax Refund for taxpayers?

Posted 19 January 2016

SARS Haven't paid me my refund for 2014 / 2015 both was audited. They say I must summit my 2008 IRP5 and the company that I worked for at that time doesn't have any record of it now. They say I must get an Affidavit at a police station and summit to them. What must be written in the Affidavit?

Travel

Posted 19 January 2016

If you are self employed and pay provisional, can we use the SARS tables or are we required to give actual costs.... I. E. Fuel repairs...,,
If we are required to give actual cost can we claim back finance repayments or the interest only, aswell as 20 % depreciation...
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TaxTim helping
you file your
Tax returns


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