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Thread: How to record Business Equipment bought/sold on ITR12

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    Full Member Intothedeepbluesea's Avatar
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    How to record Business Equipment bought/sold on ITR12

    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.

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    Full Member Intothedeepbluesea's Avatar
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    bump

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    WEAR N TEAR.pdfHi

    Work through this guide; I think it answers all your questions

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    Full Member Intothedeepbluesea's Avatar
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    Thanks Clive, are there any books or publications that explain how to fill out the ITR12?
    SARS has a few publications but they don't actually break down the ITR12 form itself, what each part means/refers to/requires etc

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