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How can I depreciate my small business equipment if I dont have invoices?

Posted 9 April 2017 under Tax Q&A


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Zufah says:
6 April 2017 at 23:45

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.

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TaxTim TaxTim says:
9 April 2017 at 18:47

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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Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

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