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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! |
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TaxTim 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. |
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