1) If you own a CC can you include the income and expenses of the CC with your personal tax return. Is there a cut off on the amount of turnover business? 2) Must I submit 2 tax returns? One for personal tax and one for the CC irrespective of the amount of income derived from either income source?
The two returns are completely independent of each other and do not include the same information. The only time they will overlap is if the CC pays you a salary or declares dividends which will then be disclosed on both returns in their relevant income and expenditure blocks.
The Roostersays: 18 October 2013 at 7:49
Thank you for your reply. This is helpful and a good guide.
TaxTimsays: 18 October 2013 at 11:25
Only a pleasure!
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.