Deductibility of interest for non-trading individuals
SARS Practice Note 31.2 (PN31.2) provides for a person to be able to deduct interest paid, even where that person is not a moneylender or doesn’t carry on any other trade, where that interest expense is incurred in the production of other interest earned to the extent that it does not exceed the interest income. […]
Documentation required for Income Tax Returns – Individuals
2015 Deadlines for Income Tax Returns for Individuals: 30 September 2015 – Manual Submission 27 November 2015 – eFiling Submission (non-provisional taxpayers) 29 January 2016 – eFiling Submission for Provisional taxpayers The following documents should, if applicable, be submitted to the accountant who completes your tax return and should be available if the South African […]
Provisional tax for individuals
Provisional tax is not a separate tax but rather pre-payments towards your income tax liability for a specific tax year and is filed bi-yearly (August and February). The aim of provisional tax payments is for SARS to collect their taxes on an ongoing basis prior to assessment. The payment of provisional tax also helps taxpayers […]