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CYBERBOSS says: 9 February 2016 at 7:46 i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks. |
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TaxTim says: 9 February 2016 at 16:16 Since you are not tax resident in South Africa, you would only need to pay tax on income earned in South Africa. You don't need to pay tax on income earned outside of South Africa. So therefore what you are doing sounds correct. The tax threshold is currently R114,800 therefore you only need to pay tax if the net rental income is greater than this amount. Remember to deduct all rental related expenses off the rent to reduce your taxable income (and pay less tax). Please read our blog on Rental property deductions You should be registered as a provisional taxpayer in South Africa and be paying tax on your rental income twice a year. What is Provisional Tax? How and when? Please let TaxTim assist you with your provisional and tax return submissions to SARS. |
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