Rental Income Posts in TaxTim's Blog

Rental Income: 10 most popular posts


How is Commission Taxed? 3 Ways Your Company Taxes Commission




Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time

Read more →

Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

Read more →

Do I earn enough to have to pay tax?




Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?

Read more →

Renting out your home and the effect on capital gains tax




Our Helpdesk receives lots of questions from home sellers who rented out their primary residence for some of the

Read more →

Do You Need to Ring-Fence Your Business or Rental Losses for Tax?



When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters

Read more →

10 Ways to Spend Your Tax Refund




It’s tax season, and one of the most compelling reasons to file a tax return (besides the fact that it’s the law, of course) is the chance that you’ve

Read more →

5 Reasons you Still Need to File your Tax Return




SARS announced that if you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return 2019.
Previously, SARS had communicated that if you earn less than R350 000 in a year you may not have to file a tax return.

However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.

Here are the top 5 reasons why not to skip filing your tax return this season:

Read more →

How to Change/Verify Your Bank Details at SARS




SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.

Change of bank details can be done:

  • in person at a SARS branch (SARS still prefers this way)
  • via eFiling (Go to Maintain Taxpayer Registered Particulars Menu) Note, you will still need t...


Read more →

Sole Proprietor or Company: What's Best for Tax?



Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally.

Read more →

Why don't I get a tax deduction for Out of Pocket Medical Expenses?




Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

Read more →

Be smart and save tax when receiving income from an Airbnb




Taxpayers who earn Airbnb income often don’t know what they need to do when it comes to declaring this income to SARS. Sometimes taxpayers think that they don’t have to declare this extra income, or can hide it from SARS by not entering it on their tax return form - a big mistake!

The truth is that extra income earned from Airbnb income is taxable, and SARS needs to know about it. In some cases - if the amount earned (profit) outside of a salary is larger than R30,000 a y...

Read more →

Rental Income FAQs



Should interest on your home loan be deducted from your rental income?
Yes, it does, the interest would go under the finance costs, the actual bond repayments are not deductible for tax purposes.

Should my rent which is paid by my boss, reflect on my payslip?
Yes, this would be fully taxable at the same rate as your salary. It can reflect as 'other allowances - taxable" and can reflect under source code 3713 on your IRP5.

Is there a VAT payment on maintenance expenses for my car? ...

Read more →

5 Great Reasons to File Your Tax Return Early This Year



Are you the type of person dashing into the store to grab a birthday gift en route to a party? Or perhaps you’ve found yourself scratching through your craft box at 11pm the night before to make a ‘World Book Day’ outfit for your son? Or possibly you’re one of the hundreds of thousands of South Africans who waits until the last week of November to file your tax return?

While I’m not suggesting that every minute of your life needs to be pre-planned and organised, there are certainly a number of benefits to getting your tax done early...

Read more →

The Smart Way to Save Tax when Renting out a Property



Taxpayers who earn rental income from a second property of theirs often don’t know what they need to do when it comes to declaring this income to SARS. Sometimes taxpayers think that they don’t have to declare this extra income, or can hide it from SARS by not entering it on their tax return form - a big mistake!

The truth is that extra income earned from rental is taxable, and SARS needs to know about it. In some cases - if the amount earned (profit) outside of a salary...

Read more →

What is Turnover Tax?



Turnover Tax is a simplified tax system only available to sole proprietors, partnerships, companies or close corporations with a “qualifying turnover” of less than R1m per year. These types of entities are called micro businesses.

As the name implies, Turnover Tax is a type of tax, which is calculated against the turnover of a business, as opposed to a percentage of profit (i.e. income less business expenses) as per usual business tax. This difference reduces the administrat...

Read more →

4 Common Provisional Tax Penalties - And How to Avoid Them



 


Seasoned provisional taxpayers – those people who earn income from sources other than, or in addition to a regular ol' salary or traditional payment from an employer - are all too familiar with the process of estimating taxable income and submitting provisional tax returns. Not once - but twice a year!

Yes, it's a bit painful (although TaxTim makes it super easy) but entirely necessary if you don't want to be lumped with penalties from SARS...

Read more →

2016 Budget Speech: Welcome Back, Minister! You Couldn't Have Returned Just for the Free Lunch?



The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver his budget for the 2016/2017 tax year and save South Africa from a financial pit-fall in the form of an International Ratings Agency downgrade. The jury is still out on whether or not this is possible. Immediately after the budget was revealed the Rand tumbled 2%, which doesn’t bode well for market sentiment. However, ...

Read more →

What You Need to Know About Changes to the Tax Clearance System



Tax compliance makes its way into many aspects of life and business. Perhaps you’re considering applying for a tender, or for a foreign investment allowance to move funds offshore, or even looking to emigrate and leave our shores. These are just a few examples of instances where you may be asked by a third party to provide a Tax Clearance Certificate.

And until now, the course of action to obtain your certificate has been a tedious one.

Upon request, SARS would check its records and verify that the taxpayer had filed all required tax returns, paid all taxes, penalties and interest due, before releasing a Tax Clearance Certificate confirming a good standing...

Read more →

The Ins and Outs of Donations Tax



Have you been the lucky recipient of a gift or donation from a generous family member of friend? Perhaps they struck it lucky on the Lotto and decided to share their winnings with you!

Or maybe you're the giving type and have donated cash, shares or even property to someone you felt deserved a little boost.

Irrespective of whether you're the giver or receiver of a donation or gift, it's good to understand donations from a tax perspective, and how to declare these to SARS.

Ready to find out?

Let's get started.

Read more →

Retirement Funds Tax Laws Effective 1 March 2016 - How SARS' New Changes Affect You!



If you’re diligently putting money away for your retirement in the form of a pension, provident fund or retirement annuity, you may be curious – perhaps even a touch concerned – about the changes SARS has made to the retirement fund tax laws, which come into effect on 1 March 2016.

If you missed the news, here's a quick overview.

SARS have changed how contributions to retirement funds are treated from a tax perspective, as well as how your funds are managed when you retire...

Read more →

Calculate interest on late provisional tax payment



SARS charges interest on late payments made toward provisional tax deadlines.

To calculate this late payment penalty, use the formula below:

Provisional tax amount x 9.75% x (days after deadline / 365)


Use the calculator below:



Read more →

Thank you Minister - we expected worse! 2015 Budget



New Finance Minister Nene delivers his first budget with some “better than expected” tax increases. The fight against corruption was highlighted with the minster announcing a series of reforms and procedures to be introduced both to curb corruption and make doing business with the state easier. The minister announced that R25bn would be saved in expenditure over the next two years, but R16.8bn is to be raised this year via tax increases and a remarkably large rise in the fuel and road accident fund levies. To be honest, we expected greater tax increases from the minister, thankfully he spared us some of the pain! ...

Read more →

2014 Budget - A move to economic transformation



In delivering what could possibly be his last annual budget and perhaps in an election year a very pragmatic one, Minister Pravin Gordhan painted a rather positive picture for the future of South Africa, whilst at the same time warning of the impact the global economy is having on the South African economy. He too, had a “good story” to tell of how well managed the economy is and how we have survived the economic downturn of the last half decade. The minister, like his predecessors b...

Read more →

Garnishee orders explained: How SARS can deduct penalties directly from your pay cheque and how to stop it



The last days of the month are often the most exciting for employees as they look forward to spending their monthly pay cheques. Unfortunately for many taxpayers anticipation quickly turns to grief when the money they receive in their bank account is suddenly less than they had expected. Stress and anxiety then result in light of impending debit orders and monthly expenses that need to be paid.

Apart from the ordinary deductions that your employer takes off your salary each month - expenses for your benefit such as medical aid or a retirement / pension plan - there is another deduction that can take place unexpectedly: a garnishee order...

Read more →

The effect of the 2013/14 annual budget speech on the average South African taxpayer



It was with great enthusiasm that we at TaxTim awaited delivery by the Minister of Finance of his annual budget speech this afternoon, especially after some of the shocks experienced by taxpayers and tax professionals last year. Surprisingly he delivered a very mild budget in terms of individuals with the Minister stating, “No tax rises.” The main focus areas relating to tax in this budget speech were on compliance, tax evasion and big companies seeking to shift their income around the world in order to avoid higher taxes...

Read more →
Older posts →  1  2

Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.