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Omitted to declare something on my return to SARS, now what?

Posted 19 November 2014

My husband's tax consultants are busy completing his 2013 return. He was giving details about the sale of our old citi Golf for which we got R18 000. I suddenly remembered that that car is actually in my name not his. I've already been assessed for my 2014 return with no questions asked. I didn't have to pay anything nor get any refund. (Even if I had added this amount to my Capital Gains from an investment I have, it would still be way below requiring me to pay any tax on it. What should I do to put this situation right? A further complication is that because we were moving, I threw away the file relating to this car in which we had a record of the payment we received. He was paid in cash and our memory is R18 000 but we have no proof.

TaxTim TaxTim says:
19 November 2014 at 22:02

Sales of cars are not taxable as they are personal assets and excluded from Capital Gains.

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