I HAVE RECEIVED AN EXECUTORS FEE WHAT DO I NEED TO REFLECT THIS IN MY TAX RETURN. Do I have to reflect it as an income. Am I allowed to take my costs off this fee i.e. photocopying charges, ink jet cartridges, phone calls.etc.
Yes, this is income for you as it was for a service provided. You can deduct costs related to the work you performed. You can include all of these income and expense amounts under, "local business income."
Get SARS Tax Dates and Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.