If your rent income and salary income amounts to less than the required amount for taxpayers to submit income tax does that mean I do not need to pay provisional tax or does any additional income count as 'taxable'?
I am receiving R6100 (gross) then I pay my bond of R4000 with that and the property rates of R300 then also my management fee of R1308 thus the net 'profit' I make is R492
TaxTimsays: 29 June 2014 at 18:45
The bond cannot be deducted, only the interest amount is allowed to be deducted in order to reduce the taxable profit. Therefore if you make more than R1 700 per month in "profit" from the rental then you would need to submit provisional tax returns. The threshold is R20 000 per annum.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.