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Using your Credit Card as an "income"

Posted 10 July 2013

Hi Tim

I was retrenched a while back, well actually left due to the fact I was not paid for 6 months none the less, I had no other choice but to use my credit card to pay my bills for a while. So I would draw money and do a cash deposit in my account for my debit orders to go off. Would this be seen as a income? and would this money be taxed? Further to that, failing to find a full time job I worked casual labour to get by, but I had help from family and friends depositing monies in to my account, besides the casual labour the monies that I received in my account from family and friends would this be taxed as well?

TaxTim TaxTim says:
11 July 2013 at 19:42

None of it would be taxed. The credit card money is actually debt and so basically a loan which you pay back. The monies received from family, unless on a continuous basis for the forseeable future, would not be considered income either and therefore no tax needs to be paid.

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