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We have a cc which has run at a loss - how do I complete the ITR12?

Posted 21 July 2015 under Tax Questions



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Pixy says:
21 July 2015 at 11:33

My husband and I have a cc registered in our names. When completing our tax returns it then brings up the statement of assets and liabilities - how do I complete this?

My husband runs the business, but it has run at a loss, so he did not get any money out for the last year. Do I still need to fill in the assets and liabilities (there are no assets such as property nor debtors - it is a cash business, so there is a small bank balance). Do I include our personal assets and liabilities in this section (property, overdrafts, bank balances etc), and do I split it 50/50 on our tax returns? I am employed full time - although I am a member of the cc, I don't actually do any work for it.

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TaxTimTaxTim says:
21 July 2015 at 14:52

Because you are both members of a CC, SARS does require a Statement of Assets and Liabilities from you both to be declared in your personal tax returns. These are details of your personal assets and liabilities and NOT those of the CC. The latter would be declared in the tax return of the CC itself.


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