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Hi earn a small salary but I also have trade income and earn royalties. I have a home office that comply to all the requirements set by SARS. Should I deduct my expenses (ie water and electricity and interest on home loan) as expenditure to determine trade income/loss; or should I deduct it under "Other Deductions - Home Office Expenses 4028" ? I have the same problem with regards to depreciation other expenses.
Please help.
Suggest you draw up a separate income and expenses statement of your royalty & trade income. It also makes it easier for SARS to decide whether to allow your expenses as bona fide trading vs. trying to fund your hobby via the taxman.
Not so easy, I use the home office to write (earning roylaties and salary) but also to book performances (profesional income = trade) so everything is muddled and linked.
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