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Vehicle repayments

Posted 14 January 2016 under Tax Q&A


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Desi says:
7 January 2016 at 10:50

Hi Tim I am a solely commissioned based earner for one company can I claim vehicle repayments

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TaxTim TaxTim says:
7 January 2016 at 12:59

Yes, you can but you need to keep a logbook for business travel - you would then apportion the claim so as to deduct the % relating to business travel only (i.e work out business mileage as a % of total mileage and claim accordingly).

Desi says:
7 January 2016 at 13:24

Thanks for your response I do have a log book indicating business and private. Just to confirm whatever repayments (bank finance ) I have made towards the vehicle can be claimed as I was informed that I can't. Please also assist me with what I can claim for as this is new to me. Kind regards

TaxTim TaxTim says:
7 January 2016 at 20:15

If you lease the car (as in a normal hire purchase agreement ) then you are looking at being able to deduct the interest portion of the car repayment, as well as all related expenses such as insurance, fuel, license costs etc You can then also depreciate the value of the car over 5 years. You would need to keep a logbook to make sure you can claim the deduction and remember to apportion the business usage correctly and only claim the % relating to business use.

Desi says:
7 January 2016 at 21:09

Thanks Tim however I own the vehicle I pay a monthly installment. Can I claim the repayment.

TaxTim TaxTim says:
8 January 2016 at 13:17

You can claim the interest portion of the car repayment (pro-rated so as to include business % only).

Desi says:
13 January 2016 at 22:56

Hi Tim if I have forgotten to submit some claims for 14/15 can I submit documents in 15/16 year

TaxTim TaxTim says:
14 January 2016 at 12:01

No, unfortunately not. You can navigate to your 2015 Tax Return in SARS eFiling and "Request Correction" and resubmit in order to include the other claims as well in the correct year.


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