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jingle68
18-06-2008, 09:44 AM
Hi, can anyone offer advice for a complete tax thicko (me) please?

I have to fill out a SA tax return because i let out a property as well a being in full time employment,

Do i have to declare all accounts which hold money,including current accounts?

Is interest paid on bank accounts classed as earnings?

If so, do i submit the interest paid gross or net?

Should my bank provide something like a P60 showing interest paid & tax deducted on my accounts for the last financial year?

I have received a 'Tax Voucher' from a company in which i hold shares, do i have to submit the amount shown on the voucher on my SA tax return?

thanks for any advice

jeffrey
18-06-2008, 11:28 AM
"Self-assessment", I imagine, not "South African"?
Tax is payable on interest, true, but a non-interest-earning current account balance would not be relvant to this.
Banks/Building Societies issue an end-of-year Certificate [used to be under s.352 of ICTA 1988, but now s.901 of ITA 2007 I think] which sets out what interest on the account concerned has been paid/credited to the account-holder.

King_Maker
18-06-2008, 17:29 PM
Briefly :

1. Only accounts which have paid interest.

2. No.

3. Only the totals for Gross, Net and Tax deducted.

4. Yes, if so requested, a Statement should be issued (section 975(2) ITA 2007).

5. Yes, in the dividend section.

This should not mean any extra tax to pay, unless you are a 40% taxpayer (or the grossed up income above makes you one).

Don't forget to deduct any relevant pension premiums.

jingle68
19-06-2008, 19:10 PM
thankyou very much for your help guys.