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Schedule of depreciation

Posted 7 July 2014

I am a 100% commission earner and was requested by SARS to to forward a schedule of depreciation for my vehicle depreciation claim, I forwarded my calculation formula : purchase price/5 years * 10 months, I only bought the vehicle in May 2013. The schedule was however not accepted due to insufficient info, please advise what other information needs to be on the schedule of depreciation.

TaxTim TaxTim says:
7 July 2014 at 16:17

You would need to prove to SARS that your vehicle was used for work purposes, so include a logbook or something similar showing them the work aspect of your claim. This is to prevent anyone claiming that they are using their car for work purposes and then just putting in the deduction.

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