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Taxable Income

Posted 28 August 2015 under Tax Questions


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Terry says:
26 August 2015 at 18:28

Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?

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TaxTimTaxTim says:
27 August 2015 at 10:06

Did you earn additional income that you had these type of expenses to deduct against? Do you receive a travel allowance?


Terry says:
27 August 2015 at 12:52

I use my private car for business and pay for my own petrol. I work from home and buy all my own stationery


TaxTimTaxTim says:
28 August 2015 at 9:50

You are then able to deduct the work related expenses, so stationery for work, the office you have at home (so if the office is 10% of the overall home then 10% of the rent or 10% of the interest of the mortgage can be deducted as well as the same percentage of electricity and rates and taxes and levies). Your car and petrol, you would need to keep some records like a logbook to prove to SARS the apportionment of your travelling expenses.


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