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Cheyne says: 4 September 2024 at 13:45 I'm a commission earner and I can claim travel expenses. When I complete TaxTim 'Travel Deduction Optimiser' it will only let me choose the date of the purchase of my car from 2017 onwards. My car was purchased in 2007. Does this mean that I can't use the 'deemed cost' method and can only use the 'actual cost method' - or is there another way to enter the correct year of purchase as 2007? |
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TaxTim says: 5 September 2024 at 16:13 You can select 2017 and the calculator will still work out the correct travel deduction. The purchase price and date of purchase is relevant for five years back only. This is because vehicles are depreciated over five years and therefore the wear and tear cost will form part of the travel deduction. In your case, since you purchased your vehicle more than five years ago, it will be fully depreciated already and therefore the result for 2007 or 2017 will be the same i.e zero wear and tear. As a commission earner, you can only use the 'actual cost method' and therefore you can only claim business travel if you have a valid logbook and a record of your actual travel costs incurred (e.g fuel, oil, etc). |
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