Rental income, less deductions less than cap, must I register for Provisional Tax
By Marc Sevitz · Updated
I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)
1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?
Thanks Tim
1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?
Thanks Tim
No you will not need to register for provisional tax, this would only be required where you begin making profits over R30 000.
Thank you TaxTim,
Very speedy and helpful response
Only a pleasure!