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An employer purchases a motor vehicle for 40k and sells it to his key employee for R20k?

Posted 16 July 2013 under Tax Q&A


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Can the business deduct a loss on an item bought and resold immediately? The business is an engineering company.

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.

TaxTim TaxTim says:
22 July 2013 at 16:20

The business is making a loss from the sale of the vehicle and may be able to write this loss off against taxable income. However the employee will be taxed on the difference between the market value and the amount paid.


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235 DAYS
LEFT OF
TAX SEASON
2017


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