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Trade my car in and receveid the difference of settlement amount. Must it be declared under what

Posted 18 November 2014 under Tax Q&A


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I bought a new car for private use only. The old car was trade in. The new car was bought on credit without a deposit and the garage paid out the difference between settlement of the old car. Must I declare that money and under what must it b declare.

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TaxTim TaxTim says:
19 November 2014 at 22:36

No you do not need to declare the proceeds of the sale of a car.


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started