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Deduction in returns

Posted 3 September 2015 under Tax Questions



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DR says:
29 August 2015 at 8:51

For an unemployed person that has a savings account and receives interest on credit balance and has an investment property that is being let and no other income, is it compulsory to submit a tax return. If so what deduction can be included in the tax return.

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TaxTimTaxTim says:
30 August 2015 at 20:10

How much income are you earning from letting the property?


DR says:
31 August 2015 at 2:29

Income is as follows: savings account which earns interest of R3 435 per annum and property which is being rented out generated a nett income of R71 958. Please can you advise if a tax return is necessary and what deductions can be considered to complete the return if necessary.


TaxTimTaxTim says:
3 September 2015 at 11:40

You should always submit a return in order to be fully compliant with SARS. Your deductions against the rental income would be rates and levies, admin fees, electricity, interest on the bond, repairs, bank charges and any other expenses you incurred in earning the rental income.


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