Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?

  Written by Alicia   Posted 13 July 2016

I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?

I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...

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What expenses can I deduct on my Forex earnings?

  Written by Alicia   Posted 13 July 2016

I am a full time employee, earning a salary every month. I recently started trading Forex and understand that the profits will be added onto my existing income for the year and taxed accordingly. I would like to know what kind of expenses can be deducted from tax that is paid on the profits for that year. Can I deduct my "office space", adsl / fibre internet (full monthly subscription), % of municipal bill, interest on bond, etc as all of these items are used to generate or assist in gen...

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According to SARS criteria, I dont need to sumit ITR12. But do I still submit IRP6 twice yearly?

  Written by Alicia   Posted 12 July 2016

I'm a provisional taxpayer. According to recent communications from SARS, I no longer need to submit ITR12 any more as I match all their criteria. My question is: Do I still need to submit the IRP6 twice yearly?

What do I need to complete returns for the past 3 years

  Written by Alicia   Posted 10 July 2016

What do I need at hand to complete tax returns for the past 3 years

Are IT3B's required in document verification for a refund?

  Written by Alicia   Posted 8 July 2016

My interest from local sources (4201) is less than the maximum annual limit allowed by SARS. I was selected for document verification. Do I need to submit my IT3B's for the document verification since this document doesn't affect my refund?

Can company expense bond related expenses for property owned by director but used & paid by company?

  Written by Alicia   Posted 7 July 2016

I bought property in my personal name and started a B&B which is registered as a PTY. Can the PTY expense the interest on the bond and the bond installments since it utilises the property and pays for it even though it is registered in my name?

Meaning of source code 4149 in irp5

  Written by Alicia   Posted 6 July 2016

Meaning of source code 4149

Is life insurance to secure a bond tax deductable?

  Written by Alicia   Posted 4 July 2016

Are bond insurance premiums tax deductible? This is in relation to rental properties where banks or financial institutions require bond insurance to cover the bond. Is this amount tax deductible as an expense to generating the rental income?

Treatment of a provident fund lump sum payout in a provisional tax return (IRP6)

  Written by Alicia   Posted 3 July 2016

If one is not of retirement age and receives a provident fund lump sum payout in the 2015/16 tax year - net amount after tax is deducted - how is this amount treated in a provisional tax return (IRP6) i.e.
- Is the amount included in a provisional tax return (IRP6)?
The IRP6 provisional tax return only has one block to enter taxable income in. If the provident fund payout is included in the taxable income block (with other taxable income) tax will be calculated on the full amount at t...

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Do you do personal as well as trust income tax returns?

  Written by Alicia   Posted 1 July 2016

I currently have 4 properties in my personal name plus my salleried income and then I also have a trust which holds an property of which myself and my mother are the trustees, would you be able to assist me with both the personal income tax as well as the trusts income tax submission and do you do annual financial statements as well? If so what would the cost involve be?

Provisional Tax on capital gain

  Written by Alicia   Posted 28 June 2016

Have just sold a property and have made a large capital gain and will have to pay tax on this in 2017 tax return, will I need to include more funds to Provisional tax or can I wait till I get my 2017 assessment, and so get interest.

IT3(B) received

  Written by Alicia   Posted 20 June 2016

I received a letter from GEPF stating that interests received to SARS is R15000 so what must I do go to GEPF OR SARS

Tax deductions on rental property

  Written by Alicia   Posted 16 June 2016

I have a rental property that's in a different town from the one in which I live. Is the fuel that I use traveling the property to make improvements tax-deductible? Also, what incurred on a rental property are tax deductible?

Deductions against rental income

  Written by Alicia   Posted 15 June 2016

I have moved from CPT to JHB. I own a house in CPT which is now being rented out to tenants. In JHB I am currently renting. From a SARS perspective, do I need to declare the rental income as I only own one property and its not a second property bringing in an extra income? What I receive as rental income in CPT immediately covers my rent here. So I do not gain anything. In face what I am asking as a rental is the same as what I pay for my rent here.

How does ringfencing for rental income work?

  Written by Alicia   Posted 15 June 2016

I have a question, regarding if you make a loss from rental income i. E What if the expenses exceed the rental income? How exactly does this work? please provide an example of how and when it is offset against other income and what does the ring fencing mean? Its difficult to understand the document. Please explain in lay mans terms. What is the best way to make this work for you?

"Should the expenses exceed the rental income, the loss should be available to be off-set against other i...

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Foreign investment account

  Written by Alicia   Posted 10 June 2016

What are my tax liabilities if I open a bank account (from SA) in the UK, transfer funds into that account and then bring those funds back into SA after a period of time?

Is loan repayments taxable?

  Written by Alicia   Posted 10 June 2016

I own a business where I borrowed money to buy the business. Will I pay tax on the capital portion of the loan repayment.

I am married in community of property, how will I be taxed on an investment?

  Written by Alicia   Posted 3 June 2016

How will I be taxed as I am now retired an have invested the money and draw monthly interest we are married COP monthly 13k

Can I be considered an independent consultant?

  Written by Alicia   Posted 3 June 2016

I am currently an independent consultant, however at the moment 80% of my income does come from a single client. This is because I have not yet found more clients. I am not sure if I am to be treated as an employee based on what I have found out so far. I would strongly prefer (for client and me) to be treated as an independent consultant for tax purposes. Can I register for provisional tax as an independent consultant?

Some more information:
- I'm on retainer with one client for an average of 2 days per week (16 hours per week) since March 2016. - I bill monthly as a sole prop, highlighting the work I have completed and invoice a set amount as per the retainer agreement...

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Which proof of expenses should I hold onto?

  Written by Alicia   Posted 2 June 2016

Which receipts should I take a picture of?
Or, which expenses should I note down in preparation for tax time?

Members loan

  Written by Alicia   Posted 1 June 2016

I have a member loan account of approx R1m rand. I wish to reduce this by R100k by transferring this money to my personal bank account. The members loan account is interest free. What are the tax implications for my company and my personal tax? and how should I declare it on my tax returns.

Does capital gain require registration as provisional taxpayer?

  Written by Alicia   Posted 30 May 2016

If I make a capital gain do I need to register as a provisional taxpayer?

Loan to parents

  Written by Alicia   Posted 30 May 2016

I loaned my parents money to purchase a vehicle in December last year. As my mum was going to be the primary driver, it was registered in her name. It was agreed though that my dad would repay the loan at some point in the future when they dispose of their current property. This was obviously an informal agreement but I am concerned that SARS will see this as a "donation" rather than a loan. Is there anything I can do to prevent this from being viewed as a "donation" and having to pay donation ...

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Deposit of foreign income into South African bank account, is it taxable?

  Written by Alicia   Posted 27 May 2016

If I am working outside the country and wanted to send a large sum of money as a deposit for property within South Africa what are the Tax implications if any. I believe that because it is a large sum of money that it would need to be declared to the South African Reserve Bank beforehand.

Am I tax liable if I did not earn an income in South Africa?

  Written by Alicia   Posted 27 May 2016

I relocated to the Netherlands in 2003 for work on a 2 year contract. When I left South Africa I completed a form to state that I will be out of the country for this time. After the 2 years I tax returned for 6 months but did not work. I tax returned to the Netherlands and have been working here ever since. I have been paying income tax since I have been working here.. I also own a property in South Africa which I purchased in 2006. My question:we (my husband is also South African) is considerin...

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