I sold a vehicle with a profit of R43000. I have entered it into my books as Profit on Sale of Asset. But now i would like to know do I need to pay tax on this profit together with the profit I generated from my small business. I have a small tax calculation that I always do, so that it can prepare me for what I need to pay (or hopefully get something back) but with this profit on the vehicle I am not sure how to enter a formula. Is there perhaps anybody that can advise me if I am on the right track.
Thanks so much for your expertise in advance.