Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

When will I be taxed, if buying and selling vehicles privately for profit.

Posted 25 November 2015 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
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?

This entry was posted in Tax Questions and tagged . Bookmark the permalink.

TaxTimTaxTim says:
25 November 2015 at 9:42

How many years have you been doing this?


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.


TaxTimTaxTim 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.


Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →