Adrian Goslett
2 minute read
14 Mar 2020
8:07 am

How to earn some extra income from your home

Adrian Goslett

Owning a home can be a great opportunity to generate funds, whether this takes the shape of downsizing and enjoying the profit from the sale or renting out the home.

Particularly in these tough economic times, many homeowners are turning to their largest asset, their homes, in search of extra income. Apart from the traditional rental arrangements, short-term holiday rentals have also been promoted as a great source of additional income. However, for homeowners who are considering this option, be sure to factor in the tax calculations. Short-term letting is still classified as rental income and will need to be declared to the South African Revenue Service within that tax year. The rental income you receive should be added to any other income you may have, but will also be...