I just want to make sure if I have made my entry correctly. I bought my vehicle for R115000 and sold it for R95 000. the accumulated depreciation on that vehicle was R67 000 for the period. So I have already written the depreciation that i have claimed on the aset back to that account and hence the R43000 "profit" . Please help, I really need to know if the R43000 really is a profit? and will I then get taxed on that. Do I need to show in my tax form when creating my ITR12 that I had a capital gain and then use the R43000 figure?
Thank so much for your superb work with dummies like me.