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My wife and I are South African and we are currently based in East Asia. I work here as a teacher and my wife is not employed. We are married in community of property. So, back at home in Durban, we own two properties, one is residential and the other an office space. We receive rental income of about R6000 and R7500 respectively. Both properties are mortgaged and they are part of a sectional title scheme. Should we register as provisional taxpayers and how would we go about doing this?
I earned interest on a Peer 2 Peer investment in the UK, at https://www. Ratesetter. Com/. As this is a non-SA entity they do not provide IT3(b) statements. It is also not a bank/ institution but independent loans. As such, I am not clear if or were to add this amount in TaxTim. I did get a statement with the amount received of 110. 25GBP. Do I enter this amount at the point of "Did you earn any interest from a foreign bank / institution? On your IT3(b) you will see an amount under foreign interest. " ?...
I'm renting out property in Cape Town and I stay in Johannesburg. When travelling down to Cape Town for maintenance/inspections purposes, do I claim the actual petrol money spent or the SARS rate of R3.29?
I have two IT3b documents from different sources. Should I add them together?
This query relates to question 6480 "Please enter the total interest amount earned here. If you don't have an IT3(b) you can also add up the interest amounts appearing on your bank statement. This should appear next to source code 4201 on your certificate. " in the Interest & Investments (IT3b) section.
Please assist on the below as I cannot find additional information within the current questions on your blog:
While not a monthly expense - it is mentioned that any expenses incurred in earning the rental property income can be set against the rental income for tax purposes. Does the following apply to that reasoning:
1. Installation of Prepaid electricity meter (about R1400) 2. Separating the electricity flows for sectioning off the electricity for the rental portion of the property to the main house (we only renting...
I have earned rental income from renting out a room in our house. How do I calculate the electricity, rates and taxes (and bond interest) deductible against this income? The room does not have a separate electricity meter, and also keeping in mind that we use prepaid electricity.
Are bank costs allowed to be deducted against rental income. Also what is teh limit here - the FICA rate is R59pm fee, but some banks include it in the monthly bank facility fee say R200pm - is the 200 claimable?
Does my monthly bond payment qualify as a expense against my rental property? Currently my rental income is R6500pm and my bond payment, including rates, taxes and levies about R8000pm indicating a loss for tax purposes?
Do you assist with tax returns where share trading is involved? I trade in CFDs and equity via my broker for the past 5 years, however, I've not been making any profit, so I've not been declaring any loss as well. I don't have any other sources of income except a little interest.
In respect of a second property that one rents out, starting off, can one deduct the following for personal income tax: (1) Bond transfer fees and registration costs; (2) Costs incurred on repairs to the property in the month prior to receiving the 1st rental for the property?
I bought a house in December 2013. In November 2015, I bought a second house and it was registered in my name, February 2017. The intention was to let out the first house, and we moved March 2016, with the first house now being empty. However, in the meanwhile, I decided to sell the first house. I haven't had any tenants staying in the first house, it has been empty for a month now. We stayed in the first house since I bought it, for over two years. Will I be liable for capital gains tax, or wil...
I'm a stay at home mom. The only income I get is from interest ( - R10000.00), dividends (-R15000)and REIT Income ( -R25000). I file only 1 tax return per year. Should I be registered for provisional tax due to the REIT income?
As an individual can I set-off a trade loss from a trade (such as a coffee shop, which I am trading as a sole proprietor, 1st year of trading) against my other taxable income being a salary and rental income. Older posts →1234567891011121314151617181920