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

Posted 18 February 2016

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?

What are the tax implications of share options?

Posted 18 February 2016

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 tax of about $4881. 53 so I need to understand what would be expected in terms of a SARS payment. I plan to hold on to the shares.

Treatment of rental loss and living expenses while studying

Posted 18 February 2016

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 South Africa out. (a) Am I able to deduct the losses on the rental of my primary property (rent - levies - interest on bond - rates) from my taxable income?

(b) During the time I was away, I had to make use of savings to pay for living expenses (food, necessities, partial travel expenses, but NOT tuition, textbooks, accommodation, vi...

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Capital gains or Income tax

Posted 17 February 2016

Bought shares for R5000. 00 in 2008
Opened a share trading account in 2015. No of shares was 187 and the value was brought in as 187 x R1854
R346698. Sold in 2015 for R1822. 00x187
Also bought other shares which is share trading. Is this Capital or income

Capital gains tax on primary resident

Posted 11 February 2016

What is the Capital Gains Tax amount if you bought a house in 1991 for R100000 (approx. ) and sold it in 2015 for R1. 9m.

Deduction of finance charges from rental income.

Posted 9 February 2016

I have a question relating to rental income from investment property in my personal name. Very simple put, I have R 1000 000 available on my primary residence bond - I would like to utilize this to acquire a rent producing flat. Will I be able to deduct the finance charges incurred on the R 1000 000 from the rental income to reduce my taxable rental income?

Rental income & expenses, can I claim on regularly inspecting my property?

Posted 1 February 2016

I will be renting out my primary residence in Cape Town for a few years while I work on the Wild Coast rent-free. Can I claim a quarterly site/property visit/inspection as an expense for tax purposes?

Tax and emigration

Posted 27 January 2016

As someone who was born in South Africa and have always resided in South Africa what are the tax implications if I decided to emigrate? Is there an exit tax?

How do I gain access to eFiling to see the progress on my returns, returns done by tax practition?

Posted 26 January 2016

I have a tax practitioner that does my tax returns on my behalf. How do I gain access to SARS eFiling to see the progress on my tax returns?

Tax payable on unit trusts in us $ when converted to cash

Posted 26 January 2016

Tax payable on unit trusts in US $ WHEN CONVERTED to cash

Capital gains tax on property

Posted 25 January 2016

I have sold property and would like a estimate how much CGTi I must pay.

Do I need to register for provisional tax due to CGT

Posted 22 January 2016

If I have a R1 000 000 capital gain, do I need to register as a provisional taxpayer and pay the capital gains tax as provisional tax?

Allowable deductions from rental income

Posted 12 January 2016

I did some renovations to a rental property between tenants. I replaced the carpet with tiles, replaced all the kitchen cupboards and the oven, and repainted. All of these renovations were specified in my rental contract with the new tenant - she viewed the unit before the renovations, and we agreed that they would be carried out before she took occupation. Which costs can I deduct as expenses in the production of the rental, or must I add all of the costs to the base cost of the property for pu...

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Property sale issue

Posted 11 January 2016

I'm selling a property of mine - it's my primary residence. The sale agreement will have the buyer settle the amount with me in monthly installments. Will this cause a problem with my tax return in terms of capital gains etc? Or would the end result be the same as if the buyer had paid me a lump sum?

Capital Gains Tax / Primary Residence

Posted 6 January 2016

I would like to sell a rental property of mine. How long do I have to go an stay in the rental property, before it can be classified as a primary residence with regard to Capital Gains Tax?

How do I avoid double taxation between RSA and the USA?

Posted 5 January 2016

I just invested in a Global Property index fund held under a tax-free savings account. I believe this is exempted from SARS 15% dividends tax. The IRS tax rate for foreign investment goes as high as 30%! Is there a possible chance that I may be taxed twice, dividends tax and then capital gains tax, when I sell and bring over the amount back in South Africa?

Exchange rate gain

Posted 4 January 2016

Currency exchange rate gain when bringing money back into SA
What is this classed as earnings? Capital Gain Dividend?

Do you have to pay CGT with your first provisional tax payment?

Posted 10 December 2015

We are completing our 1st provisional tax return for our property company, and because we have disposed of properties in the last 6 months, this has triggered a Capital Gain which is payable to SARS (we donā%u20AC%u2122t have any assessed losses which we can utilise). Our question is quite simple. Do you have to pay over the CGT to SARS with the 1st provisional tax payment, or can you defer it to your 2nd provisional tax payment?

Ideally we would like to push this out by 6 months to...

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Capital gain and recoupment consideration?

Posted 9 December 2015

When you sell a property at a profit. Should there be a recoupment in your tax return as well as a capital gain? I. E. You reverse any deductions that you have received over the life of the asset via the recoupment, and then the proceeds are reduced by the recoupment and the deductions are reduced against the base cost.

Capital Gains Tax on foreign shares

Posted 2 December 2015

Hi guys, I have a Dutch client. He moved here and bought a home in 2012. He had foreign (FTSE and S&P) shares which he has just sold for a small profit. My understanding is that he would not be subject to CGT as he has not been considered "resident" via both Ordinarily Resident and Physical Residence yet. Can you clarify pls??

What would be the amount of tax we would have to pay and why.

Posted 2 December 2015

Bought vacant land contract dated 5th October 2001 in a cc, for R87764. 00, became the members on 7th January 2002, what would the tax implications be if I sell this property now at R1 000 000.

Does provisional income/ capital gains count towards income iro RA contributions?

Posted 1 December 2015

I own a business and I draw a standard non- pensionable salary of R1 440 000 (120K p/m). I pay R360k (30k p/m)to an RA. Which means I actually don't earn enough to achieve the max tax destructibility for my RA. However this year for the first time I have other income from share sales (my share trading G&L statement currently reflects a gain of 264K). Will this income add to the non-pensionable salary above and thereby reduce the disallowed portion of the RA Contribution?

Forgot to include something on tax return

Posted 1 December 2015

HI. What if you forget to include something on your tax return, but have already filed it..... I have incurred a capital gain due to the sale of a property, and see that I should have included some share sales, which incurred a loss. Would they have been set off against each other?

Does Base Cost include interest over time?

Posted 1 December 2015

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?

Capital gain from trust split between spouse and myself

Posted 26 November 2015

I earn a salary and have an IRP5. This year I have received a capital gain distribution from a trust of which I am a beneficiary of. A property was sold in the Trust and it was decided to split the capital gain between myself and my husband in equal shares. I am not sure how to deal with this on my tax return. I assume that I tick the box that says that a capital gain is applicable - it then asks me to put in the proceeds and base cost etc, but as I only received half the gain I am not too sure ...

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TaxTim will help you:

 Do Your Tax Return Easily
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 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

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