From Sep '14 to Oct '15 I temporarily left the employ of my company to study my MBA full time overseas. During this time I rented my primary residence in South Africa out. (a) Am I able to deduct the losses on the rental of my primary property (rent - levies - interest on bond - rates) from my taxable income?
(b) During the time I was away, I had to make use of savings to pay for living expenses (food, necessities, partial travel expenses, but NOT tuition, textbooks, accommodation, visa costs - which were all covered by scholarships). Am I able to deduct my (and my families) living expenses for the year from my taxable income?
Unfortunately you will not be able to deduct the family expenses as these are personal. You can deduct your rental loss provided you do not intend to continue running at a loss as SARS will disallow it then.
Get SARS Tax Dates and Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.