Hey guys,
I want to transfer my car into my companies name for tax write off purposes, has anyone done this?
I sent my mom to look into it for me and they told me the company needs to be registered with JMPD, what's this all about?
I've done this before when I sold off one of my cars and remember there being two forms, one blue and one yellow for both the seller and buyer to fill in.
Assuming there is no outstanding finance on the vehicle, the only "tricky" part is assigning a fair market value to the transfer.
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Yes I have done this - Go to the Bedfordview traffic department. Quick and easy - The guy at the front counter will tell you what forms you need to fill in and what to do. I did this about a year ago and can't quite remember what colour forms I had to fill in. I do know you have to nominate a proxy for the business, but it really is not difficult. Get a current value for your car and done deal
Cool cool ok thanks, I assume the company's proxy will be the director who is me
You will also need to take the Company's Registration docs - or a copy.
Not sure on VAT - but may need proof of that too.
I got the 'official' CIPC registration document of the company, I paid R30 to export this from the CIPC website, hope this is enough.
Just check the perks tax....my understanding is it applies even if car is paid off? Unless it is a single cab bakkie etc
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