If I sell a car that is privately owned, but depreciated from being used for work, will I have to pay tax on the difference in 'paper value' and the sale price.
If I depreciate a car down to $10k but then sell the car for $20k, will I have to pay tax on the difference of $10k?
Hi @Dale.s
Sorry yes you need to do a balancing adjustment if you used the logbook method and claimed depreciation. If you used cents per/km then you don't need to worry.
Hi @Dale.s,
If you're simply using your car for work-related purposes as an employee, you won't be taxed on this. You also won't need to report the sale to us!
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