FAQ Blog Q&A Calculators Students Logbook Contact
22 Days Remaining of Tax Season 2019! Click here to file your tax return with TaxTim now.

How to work with multiple streams of income

Posted 2 May 2019 under Tax Q&A


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
David says:
2 May 2019 at 11:02

I currently work as a freelancer and I've just started a business and there's another one coming up soon. Do I need to submit these separately with deductions relating to each business or can I submit them as one? Can income from one stream bankroll and help build up another?

I'm also considering registering for Turnover Tax, but I need some clarity on the above before I go ahead with it.

This entry was posted in Tax Q&A and tagged , . Bookmark the permalink.

TaxTim TaxTim says:
2 May 2019 at 11:06

You should please enter each business one by one when declaring the income and claiming expenses and separate out the related expenses.

SARS will only allow related expenses as they do need to be related to the income earned.

What you chose to do with the income itself, if needed to fund other businesses, then that will of course be up to you.

Please read our guide on Turnover Tax for some further clarification.


Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started