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TaxTim says: 10 July 2013 at 12:06 What do you mean by cost of transport? In terms of the rental income yes you can deduct any expenses that directly relate to the earning of that income such as levies and rates etc. You would complete and enter all this into your tax return under the 'local business income' section which will ask for all the expenses and income related to the property. |
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Bill says: 10 July 2013 at 12:29 Cost of transport----------- When I bought the flat I had to pay Transfer fees ( charges of conveyance ) in order to register the property in my name. Can I deduct it as an expense ? As soon as as I receive my tax statement from Standard Bank I will approach you for assistance in completing my ITR12 form. |
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TaxTim says: 11 July 2013 at 14:57 Transfer fees unfortunately cannot be deducted as these are a separate form of tax and so are excluded. Agent's fees for property purchase would be added to the cost of the property and help reduce the capital gains tax paid when you sell the property. Please let us know when we can help next! |
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