Omitted to declare something on my return to SARS, now what?
By Marc Sevitz · Updated
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 Marc said: 19 November 2014 at 22:02
Sales of cars are not taxable as they are personal assets and excluded from Capital Gains.
