Hi - I request your advice on a personal tax matter to do with a loan account for funding a startup company:

This is the opposite of the common loan account scenario where a company lends money to a shareholder.

I started a new one-person company so I'm the sole director. I also have a regular salary-paying job.
I loaned say, R100 000 to NewCo to get it started. This was from after-tax money earned from my regular job.

In South African tax year 2018:
- NewCo earned IT services-based income from clients.
- NewCo pays me R120 000. I consider this to be a R100 000 loan repayment and R20 000 salary from NewCo, and the startup loan has been repaid to me.

The person doing my *personal* tax return says my income from NewCo must be declared on my *personal* tax return as R120 000 not R20 000, and that the loan repayment will be taxed as income.
I disagree - I think my income is only R20 000 to be declared as income, plus of course whatever the IRP5 from my regular job lists (no issue with the regular job income declaration).

QUESTION: There's no interest charged on the R100 000 loan so should it be taxable income when it's repaid?
This would be daft as I would never have loaned NewCo the money if it was going to be taxed a second time when repaid to me.

Your accounting and tax advice would be greatly appreciated!

Thanks folks