Independent Contractor can you claim depreciation on your vehicle

As an individual with additional Independent Contractors remuneration, can you claim depreciation on your motor vehicle even if you get a travel allowance on your main income.

You can yes, you would need to apportion the depreciation for the time spent travelling for the IC work.

The depreciation element is built into the deduction calculation that SARS allows when claiming expenditure against a travel allowance. Remember when receiving a travel allowance, you would need to keep a logbook of all business travel combined with any expenditure on the car which would then be allowed as a deduction against the travel allowance. You cannot therefore claim a depreciation/wear and tear allowance on your motor vehicle as well.

Please Register for TaxTim and let us assist you to complete and submit your Tax Return to SARS.