What expenses can be deducted when renting out my short term holiday cottage?

  Written by Nicci   Posted 31 March 2016

What expenses can be deducted from tax for renting out a cottage on my property as short term holiday rentals through Airbnb etc?

What is the 2016 tax submission deadline?

  Written by Nicci   Posted 30 March 2016

When are the Year end tax submission due? Or rather when is the dead line?

Need to bring tax returns up to date

  Written by Nicci   Posted 29 March 2016

I have been working full time for about 4 years now. I have never submitted a tax return due to complete ignorance on my part. I have a few questions:

1. What is the best way to rectify this situation?
2. Will I definitely have to pay penalties? What is the probability of having to pay penalties?

Minor's tax obligations on inheritance

  Written by Nicci   Posted 29 March 2016

If a minor child inherits - how much do they have to earn before they must be registered for paying tax?
If they are not liable for tax, does one as the parent still have to notify SARS that they have funds invested?

What are the SARS obligations and benefits for a taxpayer aged 74 years for the 2015/2016 tax year?

  Written by Nicci   Posted 29 March 2016

With regards to your post of 23 July 2012, about retirees aged 65 years and older: have there been any changes since then in SARS requirements for tax returns for the 2015/2016 tax year, or not? What benefits can such a taxpayer expect? What is the taxable threshold for a taxpayer 74 years of age (turning 75 in June 2016)? Where do donations fit into all of this?
1. Main source for living expenses is interest income. 2. Medical aid premium is paid by the retiree in full, in addition to medical expenses which go beyond medical aid benefits. ...

Read more →

Are bond initiation fees, legal fees and valuation fees deductible for tax?

  Written by Nicci   Posted 23 March 2016

Hi, I have registered as a provisional tax payer and did my tax return in August. My rental expenses (levies, interest and taxes) are greater than my rental income I earn. Do I still need to file the provisional tax payer tax return now and see if any payments are due?

I have paid for your services for my personal income tax, but haven't received any of my tax information yet (for investments, medical aid etc). Must I just wait until those all come later in the year and send them thro...

Read more →

Is my business liable for PAYE as soon as I register?

  Written by Marc   Posted 23 March 2016

I registered my SME for PAYE in December 2015. When do I become eligible to start paying PAYE? I'm the only employee and my salary is tax deductible?

Amendments in EMP 201/501

  Written by Alicia   Posted 23 March 2016

This question is regarding amendments in EMP 201/501. The start date of an employee has changed. For eg, The start date was 24rth December, but the amended start date is 24th Nov. He is getting paid for the whole month of December (excluding payment made previously) and 6 days of November In March 2016. He ceased working in January 2016. Should we revise the EMP 201 of November and December? (Accrual Basis)
Or Should we treat the payment in march as a one time pay and amend EMP 501 only? (...

Read more →

Duration for submission of AFS

  Written by Nicci   Posted 23 March 2016

I have a question, what is the maximum duration which you are given by SARS for submission of annual financial statements after your financial year end? I am asking this question because I was denied a Tax clearance certificate because I have not yet submitted my financial statements. Also, what is the effect thereof i.e. penalties involved?

Penalties deducted from pay out?

  Written by Nicci   Posted 22 March 2016

I looked on the SARS eFiling and it stated that I should pay them a big amount of money (I assumed it was for late tax returns). A week later they paid out a small amount, after a consultant said we do not owe anything on their system. Am I correct in assuming that they deducted the penalties from the tax returns and paid out what was left? Or should I still be worried about that letter?

Can residual bond interest from one property be offset against rental income from another property?

  Written by Nicci   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

  Written by Marc   Posted 22 March 2016

Is south African interest exempted?

Taxation on foreign sourced pension

  Written by Nicci   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

  Written by Nicci   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

  Written by Nicci   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?

  Written by Nicci   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?

  Written by Nicci   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

  Written by Nicci   Posted 11 March 2016

I'm asking for my late father's tax number?

Capital gains tax on primary residence

  Written by Nicci   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

  Written by Nicci   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

  Written by Nicci   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

  Written by Marc   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

  Written by Nicci   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

  Written by Marc   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

  Written by Marc   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
Older posts →← Newer posts    1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20