Can residual bond interest from one property be offset against rental income from another property?
Posted 22 March 2016
I have two properties and I pay bond interest on both.
With regards to deducting bond interest from rental income, can residual bond interest from property A be deducted from rental income from another property for tax purposes?
It is aleady summarised
Posted 22 March 2016
Is south African interest exempted?
Taxation on foreign sourced pension
Posted 21 March 2016
My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method of retirement would be either on a temporary retirement visa or as a person of independent financial means. I only mention this in case it impacts on my question. My particular interest is understanding how my UK pension income would be taxed in SA. My pension would be derived from a number of sources
1. UK State pension
2. Company pension. All pension is derived from activities not associated with South Africa...
Read more →
SARS, bitcoin wallets and disbursement of BTC funds
Posted 21 March 2016
However, there are a number of issues that I cannot get to grips with regarding the storage of BTC in a wallet and the further use of BTC outside the fiat system:
1) If I moved my BTC to a wallet provider outside of SA (blockchain, based in Luxembourg but servicing globally) does SARS see this as an offshore transaction? as:
a) The wallet provider is not a registered global institution as such. b) No interest is accumulated to this wallet / amount, so no income is generated.
...
Read more →
Will I receive a penalty if my second provisional tax payment is late, however I make a third top-up
Posted 17 March 2016
Good day, I have not paid my provisional tax that was due on 29 February 2016 due to very little money coming in and low on funds. Will all be in order if I don't pay, but can make the full payment on or before the 3rd optional payment?( September if I am correct)
What to do if SARS penalises me?
Posted 17 March 2016
I was working freelance for 2 companies. My salary was plus minus R15,000 a year. SARS penalised me because I don't fill in forms. They say I owe R10,500. I don't have that money - what can I do?
I have received an ITA88 - what can I do?
Posted 17 March 2016
Hi, I earn under R125,000 a year. I have not filed my tax returns for the past 4 years - recently a huge amount was deducted from my salary (SARS ITA 88) what do I do? Can I get that money back?
Tax number for late father
Posted 11 March 2016
I'm asking for my late father's tax number?
Capital gains tax on primary residence
Posted 9 March 2016
I want to proceed with Tax Tim to complete my tax return for 2015 as it seems I have a penalty of R 1215. My question is, my tax practitioner did not complete my last tax return and I have managed to gain control of my SARS eFiling and changed my status from a Provisional Tax Payer to Ordinary Tax Payer, do I submit my tax return as a Provisional or Personal Tax Payer. I did not work in 2015, sold my jointly owned property in JHB, moved to CT and bought another property from the proceeds. I have...
Read more →
Outstanding tax returns and arrears for commission earner
Posted 9 March 2016
I have outstanding tax returns for 2012/2014/2015 and the subsequent penalties outstanding PLUS an arrears amount of just short of R20 000. I am registered for e-filing but find expenses I can claim for and their relevant codes very confusing so have saved the tax returns without any expenses claimed. I am a commission only earner in property sales and have IRP5's for the relevant periods. I have not kept a log book for petrol and kms but have slips for petrol, car expenses, data costs, client ...
Read more →
PAYE penalty calculation
Posted 9 March 2016
How do I calculate interest on penalty for PAYE? the amount is R1,856.18 and it is 2 days late.
MInor - tax liabilities
Posted 8 March 2016
If I need to register my child (minor) for tax due to interest and or CGT earned from their investment - do I register them as a provisional tax payer or as an individual tax payer? If my child earns less than R 75,000 through interest/CGT do I still need to register them for tax even though they have no tax liability?
The pricing on your website for individual tax - would assume that this is per tax submission?
How to deal with long overdue tax returns
Posted 3 March 2016
I am a B&B owner and have not submitted tax returns for about 6 years.. What should I do? I also had a job last year for extra income, how will this be treated by SARS as I am a sole proprietor.
IS IT COMPLUSORY TO PAY TAX ON INTEREST RECEIVED FROM A FIXED DEPOSIT
Posted 2 March 2016
I received my late husbands provident fund and invested it into a five year fixed deposit i receive r10 780 a month on the fixed deposit i am 44 years old and unemployed how much tax will i pay at the end of the year
Offshore investing tax implications
Posted 29 February 2016
What are the tax implications of investing in offshore unit trusts and shares and how does one disclose it in your tax return. Thank you
I need clarity on what is viewed as non-retirement income for purposes of the 27,5% calculation.
Posted 29 February 2016
As pensioner, my annual pension amounts to R784 672, in addition I receive taxable interest of R18 000 and tax free interest of R115 200 as well as a consultation fee income of R100 000. I want to invest the maximum of 27,5% in a retirement annuity. How much can I annually invest in a retirement annuity?
How to handle Rental Income when married in community of property?
Posted 28 February 2016
Hi, my wife and I are married in community of property. We own a few residential flats that we rent out for extra income. When it is time to complete our annual tax return and we each fill in details of extra Income on the tax return, must we EACH declare the FULL income from the rentals OR must we EACH split it in HALF and declare that OR must we say we are in 50% partnership on the form where it allows for that? In the tax return it does ask how we are married so does SARS automatically split ...
Read more →
Questions on provisional tax
Posted 26 February 2016
A second provisional tax payment should be made end of Feb of each year. Why would SARS effectively require individuals to submit a tax return before the last day of the financial year (28 Feb) when business related expenses and income might still happen?
Apart from wanting to know why this implementation, I also want to know how does the differences gets eventually settled when you do still have income or expences after you have filed late in Feb?
Disclosing interest on the IRP6
Posted 26 February 2016
If a taxpayer earns 130,000 interest in the year, does he disclose the entire amount in the taxable income section of the IRP6 or just the portion of the interest income that is taxable. I,e 130,000 less R34500 exempt portoin. I see the form only deducts the primary rebate.
What are taxable items?
Posted 26 February 2016
What are taxable items
Does a 45-day old business still need to submit a provisional tax return?
Posted 26 February 2016
I am a salaried employee, but since the middle of January 2016 I have been running a business. It's been expensive to set up, and business is slow - I've turned over R50K max and have about R40K of expenses. Do I need to submit a provisional tax return now, or can I carry that amount over and declare it later in the 2017 provisional tax year?
Do I need to complete an IRP6?
Posted 26 February 2016
You sent me a reminder to file my IRP6 Provisional Tax Return for 2016 however, I'm not sure whether I am still a Provisional Tax payer?
I did freelance work until Feb 2015, and from March 2016 I've been employed, paying PAYE through my employer. I haven't earned any additional income. Do I still need to complete an IRP6 as a Provisional Tax payer?
Tax deduction on provident fund
Posted 25 February 2016
What will my payout be on the following for my provident fund when I resign. I am not retirement age yet ( 52 years old ). On resignation from the SATU provident fund you are taxed on the full employer share and interest earned on the member share. (not on the member contributions)
My member contributions amounted to R170,585. 44. My current statement shows member and Employer share:
Member share Employer share Total share
R706,779. 50 R689,136....
Read more →
Donations tax on member's interest
Posted 25 February 2016
Must I pay donations tax if I donate 49% of my members interest in a CC?
Is interest income taxable?
Posted 25 February 2016
I have a money market account. Is the interest taxable?
Older posts →← Newer posts
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20