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

SARS ring-fenced the loss on my rental property, can I request that they revise my assessment?

Posted 14 October 2016 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Darren says:
13 October 2016 at 17:34

I had a property that I rented out to tenants for the last 4 years. In the 2015/16 tax year, I made a loss on this, due to the expenses exceeding the rental income I received. I reflected this loss in my tax return. SARS then audited my tax return, and they ring-fenced the loss. However, at the end of the 2015/16 tax year, I sold the property, and have obviously not been receiving rent or incurring expenses relating to the property since then. What now happens to the ring-fenced amount? Am I entitled to ask SARS to re-assess given the circumstances? Or do I just accept it as a loss?
Many thanks!

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

TaxTimTaxTim says:
14 October 2016 at 9:40

Please read our blog on Ring Fencing and also work through our decision tree to see under what circumstances SARS will ring-fence your loss and when they will allow you to set it off against other income.


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 →