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Tax: Calculate the Assessable income on the termination value of a car

How to calculate the Assessable income on the termination value of a car in Elite tax forms

The taxable use percentage used in the calculation e.g (30.30%) is the taxable use percentage applicable to the current year only.

As the motor vehicle has been depreciated for more than one year, the taxable use percentage from each year must be taken into account.

Therefore in this instance, the calculation will be as follows =(Termination Value-Closing Adjustable Value)×(Sum of reductions)/(Total decline)

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