30 October 2019 at 11:11
My wife and I got married last year on the 26th of March 2018. We got married in community of property, so when it comes to tax what I would like to understand is whether we will both need to do our tax differently this year and also, I would like to find out what would the implications on our tax returns be like?
This entry was posted in Tax Q&A and tagged Capital Gains, Rental Income, Penalties, Audit / Verification. Bookmark the permalink.
30 October 2019 at 12:02
You would just need to ensure that when you go through the process using TaxTim you indicate that you are married in Community of Property. Our system should request this information from you.
You do not need to do anything differently in your tax return. You must each declare 100% of the rental income, interest and capital gains which is in your respective names and then SARS will split it 50:50 between you and your spouse on assessment. Please read up on Tax and Marriage in our blog.