Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Do we include inheritance and personal property as a sole prop when filing small business tax return

Posted 17 September 2014 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
I'm helping my mom do her tax for her small business. We have deducted all the necessary amounts under the expenses section. My mom owns a house that is standing empty and she has a small inheritance of about R100 000. she is a sole prop. do we have to declare this? they are not part of running the business. this is invested in a money market account. she does declare the interest earned to tax.

This entry was posted in Tax Questions and tagged , , , , , . Bookmark the permalink.

TaxTimTaxTim says:
23 September 2014 at 9:39

You do not need to declare the inheritance this year if it was in previous years, otherwise put the amount under "amounts not considered taxable"


Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →