How to declare rental income | Fin24
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How to declare rental income

Sep 02 2015 07:25

Cape Town - To help make the filing process as seamless as possible Fin24 has joined forces with the SA Institute of Tax Professionals (SAIT), to answer users' tax questions as far as possible.

The important deadline dates in the 2015 tax season are:

September 30 2015: Manual/postal submissions
November 27 2015: At a SARS branch (non-provisional)
November 27 2015: eFiling (non-provisional)
January 29 2016: Provisional taxpayers via eFiling

User question: How does one declares rental income when filing for tax?
For the past year I have been receiving rental income of R350.00 per month. This is the value after deducting all costs,  i.e. interest, rates and taxes, levy, bond admin fee and insurance.

When I say ‘how’ I mean under which code on the SARS eFiling . In this case it would be an amount of R350.00 X 12 = R4200 per annum. Where do I put this amount?

Piet Nel, SA Institute of Tax Professionals responds:

When you are completing the wizard that will open up the return, you must answer the question related to trade “Y” and then complete the ‘local business, trade and profession’ section of your return.  The profit code will be determined from a drop down menu, but will be: 4210 Profit: Local – Rental.  

Note that it is not correct to declare only the net amount for the year. You will have to show the gross rent received and then the related costs, being interest, insurance, rates and taxes. The form provides for these expenses.  

* Have a question? Send it to us and we will find an expert to answer.

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sait  |  tax filing season 2015  |  money clinic  |  tax


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