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Jonno says: 21 November 2015 at 19:31 Is Occupational Interest received declared as interest or as rental income on your tax return? |
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TaxTim says: 22 November 2015 at 20:18 Do you mean occupational rent? |
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Jonno says: 22 November 2015 at 21:49 In the Offer to Purchase it is referred to as "Occupational Interest" payable to Seller by purchaser for early occupation i.e. before date of Transfer. The challenge or point needing clarification is that this "interest" is payable in exchange for occupation to the seller for the interest he would have received on the Purchase price had occupation & transfer taken place at the same time. This interest is like a rental & often referred to as such... If it is interest then I can make use of my interest rebate & my wife's as we are married in community of property if rental not... The question is how does SARS see it??? |
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TaxTim says: 22 November 2015 at 22:05 Occupational interest/rental is taxable as normal rental income unfortunately. |
