TaxTim provides expert assistance at every step of the way - we'll make sure you include all the right information for every deduction, resulting in your maximum possible tax refund. With our helpdesk available to help any time, we make tax as easy as 1,2,3!
Save on expensive tax practitioner fees with professional tax assistance from just R249. TaxTim helps you step-by-step to complete your tax returns quickly, easily and correctly in under 20 minutes!
Skip the queues! You can do your own tax return easily and conveniently online, and get finished with tax in 20 minutes or less. TaxTim contains the knowledge of professional tax practitioners and will guide you step-by-step. It's easier than you think :)
As of July 2013 SARS declared it illegal for anyone other than a registered tax practitioner to assist people with doing their tax returns. Unless the person you know is a tax practitioner, them doing your tax return can lead to trouble for both of you.
This year try TaxTim - our service offers the knowledge and expertise of a trained tax professional, with an easy-to-use friendly interface.
You've come to the right place! TaxTim has made tax easy for over 4.4 million South Africans to date. Our service asks simple questions one-by-one, then fills in your tax return for you. We skip all the complicated stuff and allow you to do your own tax return quickly, easily and with confidence!
I have finished my claim, I noticed a place on the form to enter the interest I paid to the bank for the finance. Is there no way to claim for the actual money I paid for the flat each month compared to what I earned each month in rent?
You can only deduct the interest portion of the bond repayments against the rental income earned. Unfortunately you cannot claim the capital potion of the bond repayments as this go towards the base cost of the property in case you ever sell it.
Jasminsays: 15 November 2012 at 7:08
Thanks Tim for the response above.
How does one know the difference as it is one payment.
Does the bank provide a certificate at the end of each tax year of the amount paid in interest that one uses as proof for SARS?
Jasminsays: 15 November 2012 at 7:11
I purchased a house in August last year and only had tenants from Jan 2012.
Can I include all the interest portion from Agust 2011 to Feb 2012 and set it off against the rental of two months?
TaxTimsays: 15 November 2012 at 15:11
You would only be able to include the interest payments if you actively searched for tenants to rent the property out to and from August or can successfully prove, if asked by SARS, that you purchased the property with the intention to rent it out or as investment property. Basically it is a judgement call as to whether you intended to rent out the property from August.
I hope this answers your question?
TaxTimsays: 15 November 2012 at 15:17
The bank should either send you a statement showing the difference, or you would be able to see this on your homeloan bank statement. You can also request the bank to provide you with this information.
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.