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Require clarity on tax returns for private individual who also owns a small business?

Posted 17 October 2013 under Tax Questions

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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?

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TaxTimTaxTim says:
17 October 2013 at 18:29

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 Rooster says:
18 October 2013 at 7:49

Thank you for your reply. This is helpful and a good guide.


TaxTimTaxTim says:
18 October 2013 at 11:25

Only a pleasure!


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