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Depreciation on furniture bought for rental property



Crizette says:
11 October 2022 at 11:54

I bought furniture for R 172 000 back in 2018 for my rental property. This was bought through the developer as part of a rental pool offering. Rental pool contract stating furniture costs, e-mail clarifications and proof of payment for this is in my possession but not the actual receipts or individual pricing for the items. According to the TaxTim depreciation calculator, I can claim around R 28 600 in 2022 tax year. My question is, can I claim this with the documentation in my possession and can I "back claim" for previous years since I never claimed this before?

TaxTim TaxTim says:
11 October 2022 at 15:19

SARS will only allow deductions if you are able to provide the supporting documents thereof. Thus, if your tax return is under review/audit and if you are not able to provide the necessary supporting documents, SARS will disallow the claim.

You are only able to claim deductions that were incurred within the applicable tax year. Thus, you will not be able to claim the previous year's depreciation in the current year because you need to declare it in that specific tax year.

For previous tax years you can do either of the following:
1. resubmit the previous year's tax returns or if the tax returns were under audit review,
2. you can then lodge a dispute and claim the deduction you were due on each tax year since you purchased it.

It is important to remember that if you do not have each item's invoice, and proof of payment, SARS will not allow your claim.

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