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Capital Gains Posts in Tax Q&A

Capital Gains Related Posts - Page 6



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Can I avoid CGT on the sale of EFTs if I move the proceeds directly into an RA.

Posted 26 November 2015

I am 61 yrs. Old. I have been investing in ETF's as a form of retirement savings since mid 90's. I would like to move my total EFT's into an RA. Would SARS allow me to do this without without having to pay CGT on the "sale" of my EFT's.

Declaring profit on Bitcoin trading and speculation

Posted 25 November 2015

I am earning a local profit from trading Bitcoin in various exchanges throughout the world. I have lodged this under: Other Receipts Accruals - Royalties - Amount Profit - 49224

This profit was calculated by tracking how many payments I receive FROM BitX.co.za and Ice3x.co.za (which was used to trade Bitcoin for ZAR)
LESS payments made TO BitX and Ice3x, as well as all payments made to my Mercantile Bank account (which is only used to send Forex to offshore Bitcoin exchanges) as well as any other Forex payments (through my main account at FNB) destined for offshore Bitcoin exchanges...

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Are you able to help with semi-complex returns as well such as shares dividends and trust incomes?

Posted 25 November 2015

Are you able to help with semi-complex tax returns as well such as shares dividends and trust incomes?

Can I add bond & registration fees to a rental

Posted 25 November 2015

Rental - can I claim or declare bond registration fees and transfer fees on a rental

Do we need to submit a tax return

Posted 24 November 2015

I get about R2000 /month from my living anuity and R900 / month from an investment. I no longer own property and my medical aid is about R1200/ month. I sometimes get about R2000 / month doing odd jobs and I supplement my income with the proceeds of the sale of my house. Do I have to submit a tax return
My mother is 92 and gets R8000/ month from one investment also has medical aid. Does she have to submit a tax return. Thank you

Primary residence definition

Posted 24 November 2015

I was letting out my property and was renting in another suburb for 3 years before selling my property. Is that property still seen as my primary residence?

What is the base cost if the asset was acquired by a will?

Posted 24 November 2015

The asset was acquired by a will, so I did not pay anything for it. How do you determine the base cost value.

Any tax on inheritance of a house

Posted 24 November 2015

My daughter will inherit my primary residence. Are there any tax implications for her and/or for my estate? Like CGT for example.

Declaring financial derivative gains on the ITR12

Posted 24 November 2015

I earned income as the result of trade in financial derivates. I am not a professional trader and do this in my spare time. How do I declare this on the ITR12 and how do I claim expenses against this income? Is this defined as a business or as investing and capital gains? I used my home office and own equipment for financial research and online trading. In a previous answer you stated that this type of income can be declared on the ITR12 but somehow I missed it in the TaxTim Q&A process. When I ...

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Can financial derivative gains be declared on the ITR12

Posted 22 November 2015

I earned income using financial derivatives during the 2014/2015 tax year. I was not registered as a provisional tax payer. Can I declare my income on the ITR12 personal income tax return? If not, what steps do I need to take?

Can I offset my rent paid against my rental income derived?

Posted 22 November 2015

I own an apartment that I let out. However I also rent an apartment for me to live in. Can I offset my rental expense against my rental income on my primary residence?

Declaring Dual listed company dividends

Posted 22 November 2015

I own Richemont and Billiton shares that are dual listed on the JSE. On my IT3b:

- Richemont dividends are shown as "foreign dividends" and 35% tax is deducted as "foreign tax paid".
- BHP Billiton dividends are shown as "foreign dividends" but the normal 15% witholding tax is deducted.

Do I need to declare both of these under foreign dividends and foreign tax credits or are they different?

CGT on jointly disposed asset

Posted 20 November 2015

How to complete a tax return when you have jointly disposed of a asset that attracts CGT. Do you load it on both's tax returns or only one - married ANC with accrual

Is capital gain only for the period that a property is rented if it was a primary residence?

Posted 20 November 2015

I would like to sell a rental property which was my primary residence from 1 September 2007 -30 June 2012. It has been rented out from 1 July 2012 till the date of sale? December 2015. This means it was my primary residence for 5 out of 8 years. Is the capital gains calculated for the 3/8 years ie: 37,5%?

Which section does capital gains tax fall under?

Posted 19 November 2015

During the past tax year, my husband and I (married out of community of property) bought a property together to rent out. We fixed it, but subsequently sold it for various reasons. Which section does this capital gains tax fall under? It's not under interest/investments and the questions under "business" confuse me... Thanks,

Allocation of rental income on jointly registered bond.

Posted 18 November 2015

My partner and I rent out the garden cottage of our primary residence, the bond of which is jointly registered in both our names. We are not married. The rental is paid into her account, but I pay for most of the expenses from my account... The bond on the property etc. How should the rental income be declared - hers since it is paid into her account, or jointly (50%-50%) since the asset is in both our names and we otherwise share household expenses?

Income from car sold, in behalf of someone else

Posted 18 November 2015

I bought a car for my mother as she is not credit worthy. She sold her old car and that money was paid into my bank account. I use that money and an extra R20 000 to pay of on the new car. How do I declare that income on my IT12?

Capital Gains Tax of a property that was 5 years primary residence and then 6 years Rented out?

Posted 17 November 2015

I have a second property that was my primary residence for 5 years (bought for R200k) and then rented it out for another 6 years. Not I sold it (R500k). Do I pay Capital Gains Tax for the entire 11 years (R300k) or can I pro-rata the Taxable Capital Gains as (6/11 x R300K = R163. 6k).

Source codes 4201 & 4250

Posted 16 November 2015

Which section do you enter income source code 4201 & 4250? I have investments at RSA Retails Bonds and Satrix. I didn't see anywhere to enter it.

Sale of property - sale resolution

Posted 16 November 2015

My property was sold in November 2014, but the proceeds only entered my account in March (if I remember correctly). Do I then need to note it on my 2015 tax return?

Tax on Dividends received by Share Holder

Posted 15 November 2015

I have a EME Company registered for turnover tax. The profit is under R200 000, thus exempt from Dividend Tax. When I pay dividends to one of the two 50/50 share holders, must that share holder pay any tax on the dividends received, and can I pay all dividends to only one share holder?

Primary residence that is jointly owned by my wife and I considered a partnership agreement?

Posted 15 November 2015

My wife and I sold our primary residence this year. The property was on both our names. One of the questions on the tax return is:

"Was the joint ownership described in a contractual partnership agreement?"

Does this apply?

What should I take into account as "Financial Instruments listed"

Posted 13 November 2015

I am a director of a private company. On my ITR12, I am required to complete the SOLALA01 section but I am not sure what should be listed under "Financial Instruments Listed"

Stipend and Capital Gains Tax for student studying abroad

Posted 13 November 2015

I am a South African citizen who used to work in SA (tax registered), but have been studying full time in the UK since February 2015, being paid a monthly stipend of 1150 pounds by my financial sponsor (It sounds like a lot if converted to Rand, but it is barely enough). Do I have to pay tax on this income in South Africa?

I am about to sell a property in South Africa which I inherited from my Dad and the Taxable Capital Gain ((Proceeds - Base Cost - Annual Exclusion)*33.3%) will be r...

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Supporting documents for capital gains

Posted 12 November 2015

I just got notified that you submitted a revised ITR12 which records the primary residence exclusion of R2000 000. The new ITA34 I received now reflects an amount of -R14 290. 15. But now I am being audited. They are not clear on the documents that I have to submit. They ask for my IRP5, medical aid certificate, IT3B tax certificate. With regards to the capital gains part, there are no specific requests. Should I submit the final statement of accounts for the purchase and sale of my former resid...

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Submit your
tax return
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TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 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!

Get started