Schedule 9: Rental

Schedule 9 captures the income received and expenses incurred from property rentals.

Income

• Gross rental received and/or accrued;
• Leasehold improvements in terms of a lease agreement (income)

Expenses

• Approved soil conservation works;
• Insurance;
• Interest on loans;
• Interest on mortgage bonds;
• Leasehold improvements made in terms of a lease agreement;
• Rates and Taxes;
• Repairs and Maintenance;
• Sect (17)(f) – Annual Building allowance @ 4%;
• Sect (17)(f) – Initial Building allowance @ 20%;
• Water and Electricity;
• Other Expenses.

Notes

• Bad debts written off
  Please supply a list reflecting the name of the debtor, the date and amount of the bad debt, the reason and amount written off and the action taken to recover the amount;
   
• Legal expenses claimed
  Please supply a list reflecting the date and nature of the legal expense, the grounds on which it is claimed as a deductible and the amount;
   
• Losses as result of theft / fraud
  Please supply a list with the date, nature and the amount of the loss and the amount recovered under any insurance policy, in case of stock losses indicate the method of accounting for such losses;
   
• Building allowances claimed and recoupments
  (Sections 14(4) & 17(1)(f)): Please supply a schedule listing the description and address of each building, the erection cost of each building, the year in which it was brought into use, the initial allowance claimed, the annual allowances claimed to date and the allowance claimed / recouped during this year of assessment – differentiating between building for business purposes and buildings for manufacturing purposes;
   
• Other assets and recoupments
  (Sections 14(4) & 17(1)(e): Please supply a schedule listing the assets, the assets purchases and sod, the allowances claimed in prior years and the allowances claimed / recouped in the current year. In instances where the number of assets is too numerous to reflect as detailed above, opening balances brought forward and current year movements will suffice. However, detailed registers should be available for inspection when required;
   
• Recovery of deductions and set-offs (Sections 14(4) & 14(5)
  Submit details reflecting any deductions or set-off claimed which has been recovered during the year under review;
   
• Leasehold improvements
  Please supply description and value of leasehold improvements and name and address of owner of the property. Also, supply a copy of the lease agreement in terms of which the improvements were done;
   
• Fixed Property Repairs
  Please supply description and cost of repairs in respect to each property;
   
• Other expenses incurred in the production of income
  Please supply a list indicating the nature of the expeses and the amounts expended;
   
• Other deductions
  Please supply a list indicating the nature of the deductions and the amounts claimed;
   
• Interest on loans and mortgage bonds
  Attach a statement showing:
  1. Property on which loan or mortgage was raised;
  2. Names and addresses of persons to whom or institutions to which interest accrued was paid per loan or mortgage bond (NB. The amounts must not include capital repayments on the bonds or loans);
      
• Please supply description and value of leasehold improvements and name and address of tenant who effect the improvements.
   
• Gross rental received or accrued: Attach a statement showing, in respect of each property let:
  1. Description and location of each property (e.g. House, Shop, Flat, Farm, etc.);
  2. Name and addresses of tenants and the amount rental paid by each tenant;
  3. Periods during the year of assessment during which the property was let; and
      
• Subsidies received in respect of soil conservation works.
   
• Approved soil conservation works (applicable only to land let for farming purposes): The claim is to be supported by a statement showing:
  1. How the expenses were compiled (e.g. wages, materials, etc.);
  2. Names and addresses of contractors where applicable;
  3. A certificate to the effect that such work has been approved under The Soil Conservation Act 1969, must be attached.
      
• The amount to exclude any VAT levied.