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Completing Statement of Assets & Liabilities being married in community of property-what do I do?

Posted 24 November 2015 under Tax Questions



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Jonno says:
23 November 2015 at 18:10

1. With respect to completing the Statement of Assets & Liabilities: I am married in community of property. Do I declare the value of joint assets/liabilities & SARS does the 50/50 split or do I declare 50% & my wife the same?

2. We receive income from our profession taxed in our own hands so how does this work re the completion of the Statement of Assets & Liabilities with respect to business assets, income & profit etc?

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TaxTimTaxTim says:
24 November 2015 at 0:11

You can declare the full value and they will pick it up off yours and your wife's tax return.

The income received will not affect the Statement of A L, you would need to complete the Business Income section of the tax return for this extra income.

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