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If you invest R180 000 in farming and you only received R15…

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If you invest R180...

If you invest R180 000 in farming and you only received R15 000 due to hailstorm. Can you claim this loss from a taxman if you havent registered a company but you do pay income tax form your other job?

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My partner is looking after the farm as I am working. I was paying monies for the farm workers into his account. I only have receipts for seeds and fertilizers and other things we use on the farm. Also the transaction into the account of the farm owner that we leased the land from.

Submitted: 6 months ago.Category: Tax
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8/3/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago
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Robin D., Senior Tax Advisor 4
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

Under SARs, unless a taxpayer carries on farming activities on a fulltime basis, such activities will be regarded as 'suspect trades'. Those who conduct farming activities as a secondary activity, will be hit by ring-fencing provisions and the total loss is not allowed. Just up to the R15000 would be allowed as a claim.

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