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Thread: Loss on motor vehicle utilised for business purposes

  1. #1
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    Loss on motor vehicle utilised for business purposes

    Hallo, I would like to know for income tax purposes, can you claim a loss on sale of vehicle utilized for business purposes. This is a sole proprietor.

  2. #2
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    Yes, but only if:

    1. The vehicle was used for business purposes and qualifies as a depreciable asset;
    2. Wear and Tear allowance was previously claimed on the business use of the vehicle;
    3. The proceeds received for the sale of the vehicle is less than the calculated tax value (Not book value);
    4. An apportionment must be made between the private use and business use.

    http://www.sars.gov.za/AllDocs/Legal...e%20Assets.pdf

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