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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.
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I want to know how to calculate the amount of tax that I need to pay SARS if I am renting out my property. * I have a bond on the place that need to be paid back to a bank. * Paying more on the bond than receiving rent. * Paying levies on the place. * Paying Property tax. * Paying maintanace on the property.
How can I calculate what to pay SARS for the property income?
You would compile a spreadsheet of all the income earned from renting the place out and then include all related expenses.
1. Only the interest on the bond would be allowed as a deduction against this income. 2. Levies, rates and all maintenance would be allowed as a deduction. 3. Any other related expenses on the property would be allowed as a deduction.
Then calculate whether you are making a profit or a loss and include that in your income tax return under the "local business" section.
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