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Schalk said: 21 August 2024 at 11:33 I worked abroad and want to file my tax return? I have worked abroad for the full year and fall under all points that my salary wouldn't be taxed in SA. I still own a property in SA and receive rental income the property income - expenses made a loss due to renovations, how is this complicated situation be calculated and do I just submit a normal tax income? |
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TaxTim Alicia said: 22 August 2024 at 13:13 If you still classify as a South African tax resident, you are required to declare all your income, local and foreign. This includes your foreign income and if you qualify for the foreign employment income exemption, you need to declare that you qualify and you will not be taxed on this income. You will need to declare the rental income under the rental section of your tax return. It is important to note that you will need to split the renovations into two categories, namely repairs & maintenance and improvements. Repairs & maintenance a deductible expenses whilst improvements are capital of nature and must be declared on your assets schedule for when you sell the property and it will form part of your base cost. If you made a rental loss, you will still need to declare because the loss will be carried over to the next tax year and be used against future income. In addition, it is important to note that due to the income that you earn, you may classify as a provisional taxpayer. Please see the blogs below for more detailed explanations and information: - Tax Residency - Am I a tax resident of South Africa? - Can I Claim A Portion Of My Foreign Income As Exempt? - Foreign Employment Income - Foreign Employment Income Exemption - What Is It Really? - Rental Income Tax Guide - Am I a Provisional taxpayer? - Provisional Tax Guide - What is Provisional Tax? How and when? - Provisional Tax Penalties |
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