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It has often been the case in the past, for a number of reasons, where a residential property was acquired by a company or close corporation, rather than the individual. ....
The Gauteng High Court recently dismissed the appeal of Unitrans Holdings against the Tax Court judgment which had denied a tax deduction for interest incurred. ....
SARS is targeting rental properties in South Africa – what you should know Subscribe warnedproperty owners who receive rental income from hosting fee-paying guests against their tax obligation. The tax collector emphasised that property owners who host fee-paying guests, and receive rental income, have the same obligation to declare such income to SARS, just as homeowners letting out their property. Although the legal position is fairly clear, it appears that SARS may have identified the need to focus on improving taxpayer compliance in the property sector, said Ursula Diale-Ali, an associate designate at legal firm Cliffe Dekker Hofmeyr. “In particular, amongst property owners who derive rental income from hosting fee-paying guests, and therefore on an ad hoc basis, rather than property owners who enter into lease agreements for longer periods of time,” she said. ....