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I have been living of my credit cards for the last year, does that count as a taxable income?

Posted 3 January 2013 under Tax Q&A


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I have been living off my credit cards for the last year, does that count as a taxable income?

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TaxTim TaxTim says:
29 November 2012 at 16:18

No fortunately it does not count as income as you didn't earn the money you spent during this time. You pay it back at some stage throughout the credit cycle.

Gesiggie says:
29 November 2012 at 16:54

Thank you very much for the info.

Regards

Gesiggie

TaxTim TaxTim says:
29 November 2012 at 21:31

Always glad to help!


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235 DAYS
LEFT OF
TAX SEASON
2017


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