I have a full time job where I earn a taxable income and do my tax returns as usual. I also have a photography hobby that provides a minor extra income on a very irregular basis from a few private shoots I do. I would like to know whether or not I have to declare this and pay tax on this extra income if it is only a hobby and not a full time business?
You would have to declare this unfortunately as it is extra income, how much in profit do you make per tax year?
Curious Togsays: 20 July 2015 at 22:56
Thank you for the reply. I have not made any profit yet as I am still paying off equipment that I have purchased. This is still a new venture for me.
With the few shoots that I have lined up for this year, I will probably only make a profit of between R3000-R4000. The shoots are mostly small and family oriented. At what point do you have to start paying tax and how would I add this to my tax returns each year?
TaxTimsays: 21 July 2015 at 15:55
You would add the incomes and expenses under the Business Income section, Register for TaxTim and let us help you complete and submit your tax return. We will show you what to include where.