Tax Questions

claimed as a deduction, the entire cost of assets and furniture may not be fully deductible. It is advisable to refer to the wear and tear calculator to determine depreciation over the years. Additionally, a percentage of utilities, rent, or mortgage bond finance charges related to the home office may be claimable based on the square meterage calculation.

Self-employed individuals, particularly those running a bookkeeping business, can claim deductions for business travel, home office expenses, and depreciation of personal assets such as laptops and cell phone

It is important to maintain a logbook for business mileage and to use the wear and tear calculator for asset depreciation. Business call costs, client meeting expenses, and reasonable client gifts are also claimable, provided they are justified as expenses incurred in the production of income.

income, one annual return (ITR12) and two provisional tax returns (IRP6) are required per year. The IRP6 should declare both freelance and salaried income, with the employee's tax already paid being deducted to calculate the tax due on freelance income. The 2019 ITR12 is due at the end of January 2020, with the first provisional tax return due at the end of August 2018 and the second due at the end of February 2019..

Donations between spouses are exempt from income tax, and as such, the R100,000 given to the wife is not deductible from the husband's income. The wife is required to declare the amount under non-taxable income and will not be taxed on it. Therefore, the husband's tax liability will not decrease
due to this donation.

If total taxable income exceeds the annual tax threshold and net rental income exceeds R30,000 per year, one should register as a provisional taxpayer when earning rental income from a property.

I hope this helps! Let me know if you need anything else.

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