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How do I declare additional income for part-time consulting work?

Posted 3 July 2015 under Tax Questions



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Nick says:
2 July 2015 at 7:31

Hi TaxTim, in the 2014/2015 tax year, I did some part-time consulting work in my personal capacity over and above my normal work. It was only R3000 for the year. I'm including it under "Local Business/Trade/Professional Services". If this is the correct section, would I need to put the R3000 under "Other income" or where should I be declaring this amount? Thanks for your help!

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TaxTimTaxTim says:
2 July 2015 at 11:03

That is exactly correct, or you could put it under the Other Income section of the actual return. Putting it in Local Business allows you to declare other expenses that you paid to earn the income though, so you can include phone costs, levies, electricity etc to lower your tax due.


Nick says:
2 July 2015 at 18:23

Thanks very much for your help! Just another question, what source code should I use for psychological consulting services. I can't seem to find this option under the various source codes. Thanks!


TaxTimTaxTim says:
2 July 2015 at 22:33

You can use Other not specified - 2998 (Profit) 2999 (Loss)


Nick says:
3 July 2015 at 12:45

Thanks very much!!


TaxTimTaxTim says:
3 July 2015 at 15:03

Only a pleasure!


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