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Amanda says: 9 November 2015 at 16:00 As an individual with additional Independent Contractors remuneration, can you claim depreciation on your motor vehicle even if you get a travel allowance on your main income. |
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TaxTim says: 9 November 2015 at 16:50 You can yes, you would need to apportion the depreciation for the time spent travelling for the IC work. |
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TaxTim says: 9 November 2015 at 16:59 The depreciation element is built into the deduction calculation that SARS allows when claiming expenditure against a travel allowance. Remember when receiving a travel allowance, you would need to keep a logbook of all business travel combined with any expenditure on the car which would then be allowed as a deduction against the travel allowance. You cannot therefore claim a depreciation/wear and tear allowance on your motor vehicle as well. Please Register for TaxTim and let us assist you to complete and submit your Tax Return to SARS. |
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