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

Interest deduction?

Posted 29 June 2015 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Joe says:
24 June 2015 at 20:37

I run a part time business from home that earns me commission and a car allowance. The expenses I occur monthly is home based eh. Telephone. Internet etc. I currently have a personal bond on my house. Can I claim the interest portion of the bond as a deduction as I use my home to earn commission? Thanks.

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

TaxTimTaxTim says:
25 June 2015 at 15:18

Yes you can, do you keep a specific office in your home?


Joe says:
25 June 2015 at 16:18

Thanks Tim. Yes I do have a office at home. Can I claim the entire portion of interest as a deduction? Also what about the assets I use in the business eg a laptop, furniture etc - Can I claim wear and tea on these assets?

Thanks


TaxTimTaxTim says:
25 June 2015 at 17:27

For the interest and the electricity and other home expenses you would need to take the portion of the office as a percentage of the entire property and use that percentage to apportion the house expenses and interest and that can be deducted. The assets can be depreciated for business use and deducted as such.

Register for TaxTim and let us help you complete and submit your return to SARS.


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 →