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VK says: 13 July 2016 at 10:46 I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income? I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vodacom Accounts, Clothing Account, Property Levies, Rates & Taxes, Refuse, Bonds, Car Insurance, Car Loan (paying monthly to my employer from whom I borrowed money @ Prime Rate interest), medicines Investment (Endowment Plan @ Discovery) and Personal Chit Payment (Savings). Question: Can I claim all/any above expenses (all those paid with combined income), Can I get any refund on those amounts which I spent it every month. |
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TaxTim says: 13 July 2016 at 11:02 You are unfortunately not able to claim for the above mentioned personal expenses. You are due to pay tax on your monthly rental income if it exceeds the annual tax threshold of R73000 (2017 tax year) if your rental income after allowable Rental property deductions are more than this you are due to pay tax, if its less then you are not liable. |
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