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Vehicle Finance - should I be noting my monthly vehicle installment on tax return

Posted 20 January 2016 under Tax Q&A


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Chris says:
20 January 2016 at 9:32

Finance / Other Costs - Travel Allowance

Hello,

just to confirm the vehicle I current use for business travel is financed - would this be where I enter my monthly finance installment or is this not supposed to be noted on a tax return?

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TaxTim TaxTim says:
20 January 2016 at 14:17

You would either enter the Depreciation of the cost of the vehicle and then the interest amounts or the entire payment each month (usually for leased cars) Please make use of our l Travel Allowance calculator to see what to do on the tax return.


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