FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Trade my car in and receveid the difference of settlement amount. Must it be declared under what

Posted 18 November 2014

I bought a new car for private use only. The old car was trade in. The new car was bought on credit without a deposit and the garage paid out the difference between settlement of the old car. Must I declare that money and under what must it b declare.

TaxTim Marc TaxTim Marc said:
19 November 2014 at 22:36

No you do not need to declare the proceeds of the sale of a car.

This entry was posted in Tax Q&A and tagged , . Bookmark the permalink.




Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.