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JdP says: 4 April 2016 at 12:53 I received rental income in 2016 tax year, but didn't pay provisional tax. On my ITA34 I am not registered for Provisional tax, but on my SOA, requested one day later, it states that I am registered for Provisional Tax. What are my options now in order to pay the minimal penalties/interest? Do I rather not submit the late IPR6 tax returns and only specify the rental income when I submit my next Income Tax Return? Also, how does the fact that I am married in community of property influence the rental income and tax thereon? |
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TaxTim says: 4 April 2016 at 14:04 If you are married in CoP then you and your spouse share equally in the profits or losses. What was the profit made on the rental income? |
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JdP says: 4 April 2016 at 14:17 The taxable income I calculated is R97,385. This includes interest income (and the exemption of R34,500), rental income and expenses related to rental income. |
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TaxTim says: 5 April 2016 at 8:14 What is your age and did you earn any other income? |
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JdP says: 5 April 2016 at 10:55 I'm 62 and I only receive the rental and interest income |
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TaxTim says: 5 April 2016 at 12:43 Your exemption for interest will only be R23 800 as you are under 65 years of age. If your income is only made up of rental and interest then these amounts would be split between you and your wife who would each be able to claim the R23 800 deduction and the rental profit would be split. Therefore it would be best to submit the old provisional tax returns, you won't have to pay any tax based on your numbers, but it is best to stick to the requirements. |
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