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How to deal with depreciation if moving from sole prop to CC.

Posted 23 August 2013 under Tax Questions

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On 1 September 2013 I will cease as a sole proprietor and operate as a CC. How do I deal with depreciation eg a truck depreciated for 8 months with 40 left under the new CC.

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TaxTimTaxTim says:
23 August 2013 at 17:23

The value of the truck on the day it became an asset of the CC will be the base you use to depreciate the truck. OR in your example, you can depreciate the truck over the remaining 40 months.


Roger says:
24 August 2013 at 7:49

May Thanx


TaxTimTaxTim says:
27 August 2013 at 0:57

Only a pleasure!


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