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TaxTim says: 13 March 2013 at 9:42 Our depreciation tables are based on the latest Practice Note 47 which has was released by SARS on 2 November 2012. If you use the car for business purposes then the portion of the lease payment (HP) that relates to business use can be deducted as well. Only the business portion. You would need to determine how this is done, but the best way would be to keep a log book detailing your opening and closing km for the tax year and then document all business travel. This percentage of business travel to total travel would then be used as a way of apportioning the lease payment. Petrol, license and insurance costs could be done the same way. You would not be able to depreciate the vehicle unless you bought it outright or were not trying to deduct lease payments. That would be a double deduction. |
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