When will I be taxed, if buying and selling vehicles privately for profit.

By Marc Sevitz · Updated

Eric

Eric said:
25 November 2015 at 9:19

I have started buying, fixing, and selling vehicles privately. This is a secondary income, as I am employed full-time. I probably sell four vehicles a year, and as I am doing it in my private capacity, I am not currently taxed, as it is deemed to be my private vehicles. However, when will this be see as a business by the taxman?
TaxTim Marc

TaxTim Marc said:
25 November 2015 at 9:42

How many years have you been doing this?
Eric

Eric said:
25 November 2015 at 11:03

I have been doing it on and off for a long time. However, this is the first time I want to focus on making a secondary income this way. Previously, the focus was not on making money, but having fun. Either way, it will not be a money spinner, but a way to make some money on the side in my free time.
TaxTim Marc

TaxTim Marc said:
25 November 2015 at 12:10

As you seem to now engaging in a business then yes this would be considered as a business from SARS' point of view as you are doing this in order to make a profit.