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How can I account for a lost laptop?

Posted 20 February 2013 under Tax Q&A

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I've just started up as a sole proprietor and would normally depreciate laptops etc over 3 years. However, this year I lost a laptop that was not insured, and had to replace it. Can I write off the full cost of the lost laptop in this year? If so, would this still fall under depreciation?

This entry was posted in Tax Q&A and tagged Salary / IRP5, Provisional Tax, Depreciation / Wear and Tear. Bookmark the permalink.

TaxTim says:
20 February 2013 at 15:37

If you replaced the laptop at some point during the year then you could depreciate the old one up until you lost it and then the new one from the day you bought it at the new value over 3 years.