What you need to show SARS if you own a rental property

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With the start of SARS filing season around the corner, I thought good to compile a short list of documents to keep ready if you own a rental property.

With the increased amount of SARS audits, specifically aimed at taxpayers with rental property, I suggest every client to be prepared. 
Make sure to keep the following documents ready for your accountant.  In our practice we make sure to have all information available before we submit, to prevent time delay in feedback to SARS. 

It is of utmost importance to speedily submit your audit documents.








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Some of the very important points when submitting an income tax return which include a rental property.

 

  1. Have your latest signed lease agreement ready.
  2. Make sure to have a copy of your original purchase agreement at hand.
  3. If your property rental is handled by an agent, request a detailed rental summary for the specific financial year.  This summary also need to include the expenses paid on your behalf and the rental agent commission.
  4. Detailed ledger for the financial period for the levies (if applicable) from the body corporate.
  5. Transaction history from the municipality or the monthly invoices.
  6. Detailed bond statement for the full period.
  7. All invoices regarding repairs and maintenance and/or improvements. 
  8. Keep all other expense specially related to the rental property.


How can we assist you?

Contact us for your monthly accounting and tax needs.

I have been in the industry for more than a decade, and I would love to assist you with your start-up or running business needs.

Feel free to send comments or questions to my inbox.




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