Interesting article http://moneywebtax.co.za/moneywebtax/view/moneywebtax/en/page259?oid=70504&sn=Detail&pid=1 So now all banks and financial institutions are tasked with bi-annual reports of your goings-on to SARS: "The returns must disclose for all persons: identity particulars and tax reference numbers, the closing balances of the accounts at the end of the relevant six-month period, any interest amounts received or accrued by the persons from the "reporting institutions" and interestingly, monthly totals of all debits and credits to the accounts"
Seems they want to know it all. The thing is, should I sell secondhand AV equipment in the classifieds (as a personal sale, not as a trader) is that sale liable as an "income"? If so, surely it is liable for tax? Or is there some clause like, say, sale of secondhand goods or assets, that excludes such monies?
I personally think this a bit totalitarian, but that's where the world is heading in anycase :-X
Seems they want to know it all. The thing is, should I sell secondhand AV equipment in the classifieds (as a personal sale, not as a trader) is that sale liable as an "income"? If so, surely it is liable for tax? Or is there some clause like, say, sale of secondhand goods or assets, that excludes such monies?
I personally think this a bit totalitarian, but that's where the world is heading in anycase :-X
