FAQ: What would travel between home and work be classified as?
Travelling between home and work is private travelling, it is deemed not to be a business travel.
FAQ: How many capital gain transactions will I be able to complete on the income tax form?
You may capture a maximum of ten transactions on an income tax form, local and foreign capital gain or loss transactions.
FAQ: I sold my house, which amount must I declare on the income tax form?
All capital gain transactions must be declared on the income tax return.
FAQ: I have received dividend from a source outside of South Africa, how do I declare this amount on the income tax form?
Complete the amount for foreign dividends next to source code 4216.
FAQ: Where will I complete foreign tax paid on the income tax form?
Complete the gross amount for foreign tax paid next to the source code 4113.
FAQ: How do I convert income measured in a foreign currency to Rands?
It can be converted by using either: The spot rate; or The average exchange rate for the relevant year of assessment.
FAQ: Does the SARS interest get exempted from income?
Yes, the limitation for interest exemption will be proportioned.
FAQ: Should I declare SARS interest?
Yes, use source code 4237
FAQ: Do I need to submit an income tax form if I only earned interest income?
If the amount received is in excess of the prescribed exemption amount you must submit an income tax form.
FAQ: I receive interest income, do I need to declare it on the income tax form?
Yes, interest income forms part of taxable income.
