Hi Tax TimI get paid a basic and commission each quarter of the year. I pay for my own petrol and car expenses and I am looking to claim all of this back from SARS at the end of the year. I have been keeping a log book and I would liek to know the percentage of my expenses that I cna claim back if I rarely use my car for private use. What percentage will I be able to claim back from my business expenses on my car. Can I also claim for my cars depreciation? And again what is the percentage for this. I worked out that I spend about R20000 per year roughly on petrolThanks
You would be able to take the costs spent on the petrol and car expenses and multiply them by the business/divided by total mileage traveled. Basically you would be using the business expenses ration for apportioning the costs. The car can also be depreciated by 5 years and then the same ratio applied.
Get SARS Tax Dates and Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.