Tax Q&A

Ring fencing of assessed loss

I sold a property during the 2015 year of assessment and made a significant capital gain. I also claimed an assessed loss deduction on the same property for r

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How to get a tax number if unemployed?

Hi there, my mom has not worked in 7 years and her partner has passed away. She is due a payout from the accident fund at his employer. They are insisting she

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What penalties will I incur if I do not pay my donations tax within the three month deadline?

What penalties will I incur if I do not pay my donations tax within the three month deadline? Is there a way around incurring any penalties if I was not aware

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Would there be donations tax payable on a cash payment received from a non-resident?

Would there be donations tax payable on a cash payment received from a non-resident, living in the US?Would the South African receiver of the cash be taxed?

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What is the % of tax deductable from a pension payout due to divorce

I am getting divorced and am expecting a lump sum pay out from my ex husband's pension plan, the total amount is R315190. 92( I will be receiving half of it),

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Does C.G.T. apply to the sale of offshore assets held by someone living in SA?

Does C. G. T. Apply to the sale off shore assets held by someone who is a permanent SA resident but not a SA citizen? South African tax residents are taxed

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What are the tax implications of share options?

I have an opportunity to exercise options for an unlisted, US-based company. The purchase value of the options will be around $5400 International holding ta

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Will Company Director be responsible for company debt in the event of liquidation?

My company owes SARS VAT, PAYE, AND INCOME TAX. If I voluntarily liquidate, with no business assets, and no personal assets, will SARS prosecute me personally

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What is a Members Loan Account?

I have a small business and I had an accountant that did my accounts for me. I have noticed that he put in a members loan account under Equity and Liabilities

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Treatment of rental loss and living expenses while studying

From Sep '14 to Oct '15 I temporarily left the employ of my company to study my MBA full time overseas. During this time I rented my primary residence in Sout

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Capital gains or Income tax

Bought shares for R5000. 00 in 2008Opened a share trading account in 2015. No of shares was 187 and the value was brought in as 187 x R1854R346698. Sold in 20

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Supporting Elderly Family Members

I support my elderly mother on a monthly basis with around R2500 p/m - is there a tax efficient or tax deductible manner that this can be done? Unfortunat

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ITR 12 or IRP6?

First of all I do have a tax number after working for an investment company a couple of years ago. I then resigned there and for the last three to four years

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What are my SARS obligations on UK earnings?

I am South African with a British Passport. I lived in the UK for 9 years and am now living in South Africa and have done for the past two years. I do not wor

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SARS Retirement Fund Lump Sum Tax Calculator

Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken. Would you m

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Turnover Tax Exceeded limit

TaxTim, I have a company registered for turnover tax. I Have the following questions please:1 - What happens when you exceed the allowed R1m turnover in a tax

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How can we prove to SARS that we were not in the country and do not need to pay tax?

My partner and I were living abroad for over 18 months and did not visit South Africa once during that time. My partner went to SARS and did all that he shoul

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What to do about old tax returns since leaving South Africa?

I left South Africa in 2003 and did not formally emigrate. What should I do about all those outstanding tax returns? Have you not come back to SA since or

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Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pen

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How does it work now if you just earn commission but tax and uif does not get deducted?

Hi. I used to work for company that deducted tax from my salary, so I'm a registered. But now I work for a company that does not deduct tax and I only get co

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Date due fot IT14 12

When is annual tax return due for companies 2015 financial year The company's tax return is due 12 months after the financial year end. Therefore, assuming

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Will SARS pay me a refund based on my retirement annuity if I am declaring no income?

If you are working overseas and are declaring a NIL tax return due to the income being exempt can I still claim a deduction on my retirement annuity? Unfo

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Is necessary to be registered as taxpayer before I start a micro business?

Can I start a small business like a tuck shop before I register as tax payer, or must I be registered as tax payer first? You would need to be registered f

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How much tax on provident fund withdrawal?

I have been working in the mining industry for the past 8 years and I am about to be retrenched. I currently have R769 837 in provident fund. I intend to cash

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Tax percentage for overtime

Hi Tim, what is the tax percentage for over time when I earn R70 per hour? The overtime pay would be added to your normal salary and taxed at the same rate

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