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Izhaar says: 25 September 2015 at 15:58 Hi Tim, I am a Commission earner and I claim back on my vehicle usage on depreciation and logbook. When I claim back on my car usage, I keep a logbook as well. But my question is, can I claim back on a paid up vehicle? or do I have to still be paying monthly towards finance. Does the finance amount help with increase my tax return from SARS. Eg if im paying R2500 or R2000. Which will yield a higher tax return? |
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TaxTim says: 28 September 2015 at 11:00 How old is your car? |
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Izhaar says: 28 September 2015 at 16:41 paid up vehicle. bought in 2011. became a commission earner in 2013. new finance amount question . car bought in 2015. 2nd hand.Eg if im paying R2500 or R2000 . Which will yield a higher tax return? |
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TaxTim says: 29 September 2015 at 9:04 You would only be able to deduct the interest on the repayments and then depreciate the value of the car. |
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Izhaar says: 29 September 2015 at 9:19 Lovely. Just to make sure now. If my repayment if R4000 or R2000. The only difference will be interest. Other than that, my tax return should be the same ? |
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TaxTim says: 29 September 2015 at 9:21 The repayments will not make a difference unless you are actually renting the car or via an operating lease. |
