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How to declare foreign income?

Posted 17 August 2015 under Tax Q&A


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C says:
16 August 2015 at 1:49

Hi, I have a small website that generates some commission from clicks on advertisements. I get paid in USD and GBP. The money is wired from Germany directly to my personal bank account and converted into ZAR. I don't own a formal business and it is relatively small amounts that are transferred. I also have a property that generates rental income. How do I go about declaring the income properly on my tax returns?

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TaxTim TaxTim says:
17 August 2015 at 17:52

The website income can be entered under Foreign Income - remember you can deduct expenses incurred with earning this income. Since the amount is converted into RANDS already you can make use of this as your declarable income.

The property income would be declared via the Business and Rental Property section on TaxTim or the Local Business Income section on the SARS eFiling tax return. Your interest repayments to the bank can be deducted as well along with your rates and levies and other expenses related to the property.


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