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Eric says: 25 November 2015 at 9:19 I have started buying, fixing, and selling vehicles privately. This is a secondary income, as I am employed full-time. I probably sell four vehicles a year, and as I am doing it in my private capacity, I am not currently taxed, as it is deemed to be my private vehicles. However, when will this be see as a business by the taxman? |
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TaxTim says: 25 November 2015 at 9:42 How many years have you been doing this? |
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Eric says: 25 November 2015 at 11:03 I have been doing it on and off for a long time. However, this is the first time I want to focus on making a secondary income this way. Previously, the focus was not on making money, but having fun. Either way, it will not be a money spinner, but a way to make some money on the side in my free time. |
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TaxTim says: 25 November 2015 at 12:10 As you seem to now engaging in a business then yes this would be considered as a business from SARS' point of view as you are doing this in order to make a profit. |
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