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What is included in 'Cash on Hand'?

Posted 24 October 2014 under Tax Q&A


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HiI've received two IT3(b) forms from Nedbank. One is for a Park It Account (which is a 24 hour interest bearing account) and the second is for a Savvy Account (which is considered a cheque account and bears no interest).When it comes to completing my ITR12, under Local Assets, I have an amount which needs to be entered as Cash on Hand.Now I have a closing balance for 28/02/2014 for both the Savvy Account and for the Park It Account, do I add the two values together and state them as my Cash on Hand or do I enter only one of the amounts?Your help would be greatly appreciated?

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TaxTim TaxTim says:
25 October 2014 at 9:07

You would add them up and enter both amounts as those are your cash assets.

Pat says:
25 October 2014 at 9:27

Great, thank you very much for your response.

Much appreciated.

TaxTim TaxTim says:
25 October 2014 at 9:51

Only a pleasure!


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