Could you guys please help with how you record Business Equipment in/out on the ITR12 for a Sole Prop.
I'm referring to equipment bought for business purposes and then sold again once upgraded/made redundant.
I've upgraded some equipment and sold the old equipment.
I understand if its below R7000 I can write it off immediately and above that depreciate it as per the equipment type.
I need to understand 4 things:
How equipment below R7000 is entered
How equipment above R7000 that is depreciated is entered (I understand/can do the depreciation part)
How/where the sale of the equipment sold is entered
And finally I adjust the asset registry according to the original prices paid, so sold items are deducted as per how much they were originally paid for not the final selling price and new purchases are added at their full value even if they are being depreciated over a period of years.