Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Deadlines in your Inbox
 

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

Is Occupational Interest received declared as interest or as rental income on your tax return?

Posted 22 November 2015 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Jonno says:
21 November 2015 at 19:31

Is Occupational Interest received declared as interest or as rental income on your tax return?

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

TaxTimTaxTim says:
22 November 2015 at 20:18

Do you mean occupational rent?


Jonno says:
22 November 2015 at 21:49

In the Offer to Purchase it is referred to as "Occupational Interest" payable to Seller by purchaser for early occupation i.e. before date of Transfer. The challenge or point needing clarification is that this "interest" is payable in exchange for occupation to the seller for the interest he would have received on the Purchase price had occupation & transfer taken place at the same time. This interest is like a rental & often referred to as such...

If it is interest then I can make use of my interest rebate & my wife's as we are married in community of property if rental not... The question is how does SARS see it???


TaxTimTaxTim says:
22 November 2015 at 22:05

Occupational interest/rental is taxable as normal rental income unfortunately.


Get SARS Tax Deadlines in your Inbox
 

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 →