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Extra income

Posted 23 June 2015 under Tax Questions



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Martin says:
13 June 2015 at 14:46

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

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TaxTimTaxTim says:
15 June 2015 at 7:16

Do you pay an expenses related to the property owned which reduces your income of R36 000 to less than R30 000?


Martin says:
15 June 2015 at 14:32

Yes I can. Property tax, about R6000. And put in new security doors and a few other things.


TaxTimTaxTim says:
15 June 2015 at 14:58

In that case you do not need to register as a provisional taxpayer.


Martin says:
15 June 2015 at 18:17

Does it mean by implication if the extra income after costs is less than R30 000 from the rent, I do not have to register as a provisional tax payer? If I fill in efiling, under which category can I state the extra income? thank you,


TaxTimTaxTim says:
16 June 2015 at 18:55

The extra income would be completed under the Local Business Income section of the return where you would put your rental income and expenses. You can make use of TaxTim to do this all for you and we will guide you through the whole process

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