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Do you know what SARS wants when it asks to see your 'supporting documents' for rental income?

by , 01 July 2014
If SARS queries any of your income, it'll ask for supporting documents. These documents must support and prove information on the amount and source of your income.

Now different types of income have different supporting documents. So you need to ensure you send SARS the right information.

If SARS asks for supporting documents for your rental income, send them these documents...

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IF SARS doesn't specify, send them all you financial supporting documents

 
If SARS doesn't specify what supporting documents it wants, send them everything. Even if you think SARS is only interested in looking at your rental income. 
 
This includes:
 
- Bank statements;
- Income statements;
- Balance sheets;
- Annual financial statements; and
- Profit and lost statements.
 
Basically, you must show SARS any documents that prove your income and expenses are legitimate. 
 
If it, on the other hand, does specify that it wants supporting documents for your rental income, you must show SARS these three documents…
 

Three financial supporting documents SARS wants to see to prove your rental income

 
If SARS states it wants supporting documents for your rental income your must send it:
 
- Copies of your bank statements;
- Excel spreadsheets showing your income and expenses from your rented property; and
- A statement from your rental agent regarding the collection of rent and payment for expenses.
 
If you don't use a rental agents services, just send SARS copies of your bank statements and Excel spreadsheets.
 
These documents prove to SARS that your income comes in regularly and is from a legitimate source. 
 
 
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