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Mohamed said: 18 October 2023 at 11:36 In the assets and liabilities section of my annual income tax return, as a director, when they ask about vehicles etc. Is it my personal vehicles or the company? |
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TaxTim Alicia said: 18 October 2023 at 13:11 When completing your personal income tax return (ITR12), you need to declare all your personal assets and liabilities and not the company's assets as the company assets will be declared on the company's income tax return (ITR14). Should you however have made any loans to the company or from the company, you will need to declare this on your tax return. It is important to remember that even though you are the director, the CIPC registered company is regarded as a separate entity to your personal tax file with SARS. This means that the company's income and expenses and assets and liabilities are not required on your income tax return. The only exception would be if you loaned your personal assets to the company or if you have a financial loan agreement. |
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