I have a mobile phone; laptop; tablet and home office furniture which I use for my small business. I bought them four years ago, but I've never depreciated them because this is my first year of business. Can I depreciate them now even if I don't have the invoices anymore? And, if I don't depreciate them can I just record it as a company asset? These IT equipment were bought second hand and some are old.
Unfortunately SARS my require proof for depreciation, unless you're able to get those invoices. And yes, you'll be able to record them as an asset, however this will not have any tax consequences (potentially). You can depreciate the items. SARS may ask for proof of their cost, if you're unable to provide the proof then they may disallow it, but it can be put through.
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