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Capital Gains Posts in Tax Q&A

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How do I account for various line items in IT3b Discovery investment certificate?

Posted 11 November 2015

I receive two tax certificates from Discovery for the same investment product. One is an IT3b, the other an IT3c. While the IT3c shows a source code of 4250, the IT3b does not show source codes. It shows "Gross foreign dividends", "Local interest voluntary", "Gross foreign interest" & "Local dividends (exempt)". It also shows withholding tax on 3 of them, and a "Net total".

When declaring my local interest earned, should I add just the "Local interest voluntary" amount from Discovery...

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Sale of primary residence

Posted 11 November 2015

My question relates to the sale of my primary residence in 2014 that I owned with my former spouse. We sold it upon divorce and shared the proceeds 50/50 after paying off the bond and other debt. The purchase price of the house was R1 875 000,00, transfer duty R67 000, transfer fees R17 000. What is the base price that I should put down in my tax form? Is it R1 875 000,00 (the amount that excludes transfer duty and transfer fees)? The house was sold for R2 400 000, 00. With refunds from bond etc...

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Tax and handling donation from non SA resident

Posted 9 November 2015

Dear Tim,
Are there any taxes due in South Africa, if my daughter (non SA resident, living in Australia and having Australian passport) donates money (more than ZAR100K) to her parents, and we do not transfer the money to SA and keep them within a bank outside SA (UK or other place) and in different currency?
1. Do we have to declare such a donation on our tax returns and what are the tax complications here?
2. Do we have to declare this account/amount every year in our tax returns and pay some taxes like capital gain tax as a result of Rand depreciation?...

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2nd property

Posted 8 November 2015

I have a 2nd property. Thats not my primary residence. We want to sell it. For R500 000. Bought it for R80 000. Owi g R200 000. What portion will go to tax. Do we pay tax on the resale value or the profit value. Thanks

Rental costs whilst unit is empty before next tenants

Posted 8 November 2015

Let's say people rented a property and they left end of June and you sold the property with transfer going through September and it's not your primary residence. Would you account for the costs of levy etc between July Aug and Sep as part of the rental income deductions section?
The property was for rental specifically.

Capital gains tax exemption

Posted 6 November 2015

I have to calculate capital gain on a rental property ( not a primary residence). It seems we can deduct a R30 000 natural person exemption. Does SARS eFiling automatically take off that R30 000 or am I supposed to put it in somewhere?

Is a UK property sale liable for SA CGT

Posted 5 November 2015

I've recently sold a property in the United Kingdom, and transferred the proceeds thereof over to South Africa. I'm a South African citizen, registered with SARS. Am I liable to pay capital gains tax here in SA?

Reclaim attorney costs

Posted 4 November 2015

Good day
I want to find out, I've bought a flat and it was registered in March 2015 on my name. Can I reclaim the attorney fees and where I complete it on the tax form, in other words, costs of Duty, transport costs, registration of deed
Thanks

Where do I declare the bond amount on rental income?

Posted 4 November 2015

I'm stuck in the section where I declare the rental income for a house I was renting out. I don't see where I put total I spent on the bond to justify that it was a loss against the rental income and the expenses incurred. Where do I do that?

Tax on foreign money

Posted 3 November 2015

If a SA resident invested money overseas and want to bring some of that now back to SA to live off as he is retiring, what will the tax implications be?

Where does the IT/IB 3(c) &(b) forms go on tax return?

Posted 3 November 2015

I have 2 satrix investment plans, how and where do I input the IT3(c) and IT3(B) Income Tax forms received from Satrix?

Foreign shares tax liability

Posted 31 October 2015

I have shares in a foreign stock exchange. I've had the shares for more than 5 years. If I sell these shares what is my tax liability? The shares are worth R400000.

When must Capital Gains Tax be declared?

Posted 29 October 2015

If Capital Gain tax I have incurred is less than the R30,000 allowance, do I still have to declare it in my Tax tax return?

Tax deduction for computer

Posted 29 October 2015

On the 31st January 2013, a company purchased computer equipment R34,750. This equipment was stolen on the 1st October 2014 and Insurance proceeds of R14,500 were received. What would the tax deduction be?

Do I declare capital investment into rental property in my ITR12?

Posted 28 October 2015

Hi TaxTim. When using capital to build or purchase a rental house, is this considered an investment of which the outlay of capital does not have to be declared in the tax year in which it was acquired? (I do not refer to the rental income or taxable portion of the rental income. ) Only in the event of selling the investment property would one then do the sums of proceeds of investment minus the base cost?

Capital Gain Tax on Sale of Shares by a Non Resident ?

Posted 28 October 2015

I am a non resident having Investment in Shares of a closely held company in south africa. Now I want to sell my shares to a Registered South African Company. Will this sale of shares attract Capital Gain Tax?

Refund on tax paid for shares payout

Posted 23 October 2015

Hi,
I was employed by Woolworths and we belonged to a share scheme where we had to stay in the companies employment for 5 to 8 years in order to qualify for the payout. All payouts were taxed. I am now unemployed. Do I have to submit a tax return for the shares payout that we received? Does SARS refund you the tax that you paid on that payout?

CAPITAL GAIN TAX ON A HOUSE

Posted 20 October 2015

As a private taxpayer, you letting out a house of yours for 7 years. Then you decide to live in the house yourself ( I believe the house then becomes you primary residence. ). For example, after 2,3 or even 7 years,you decide to sell the residence. With Capital gain tax in mind,do SARS handle it as normal CGT on a primary residence or because that you have letting it out, is there a special formula when culculate your liability for CGT on the house. I own more tha n one house..

What is the calculation if married IN community of property?

Posted 20 October 2015

I am married IN community of property. Would my capital gain be halved for tax purposes. If so,who carries out the calculation? Me or SARS

How do the selling of my home impact my personal income tax obligation?

Posted 13 October 2015

Hi Tim. I asked you previously what my tax obligation was on selling my house for R80,000.00. You replied that I do not need to pay tax for selling the house. How does that affect my personal tax obligations? Do I need to pay personal income tax on the R80,000.00 income I made for the year? Your help is dearly appreciated. Thanks.

Capital gains and recoupments

Posted 12 October 2015

If my selling price for an asset is R 2,258,548, Cost is R 2,800,000 and the Tax Value is R 1,120,000. What will my recoupment and capital gain be?

CGT tax rebates

Posted 6 October 2015

How does capital gains tax work on shares. I sold shares and need to calculate the CGT. The base cost is R99 per share. Do I get a rebate? Is this a once of rebate or a yearly rebate?

Non-resident tax implication on rental income?

Posted 5 October 2015

Myself and the wife ( non-residents / Irish citizens and tax payers) bought a property in South Africa in both our names. Does the R 65 000 tax exemption apply to each of us individually? The combined rental income is R 120 000 after expenses/deductions. We plan to invest the rental income in a flexible money market account at 5,75%. If the exemption applies to both i. O. W R 130 000 combined, do we have to register for tax?
Can flight tickets once in two years to oversee maintenance and i...

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Capital gains

Posted 30 September 2015

I just switched some of my unit trusts and made a capital gain of R33000. I figured there is tax applicable to this. But how does this affect my portfolio? Does the capital gain go back into the unit trust to make more money for me?

Once I did the switch to the better performing unit trust, my portfolio total reduced greatly, while I expected to see a huge growth. Thanks,

Capital Gains Tax - capital growth before tax was implemented?

Posted 30 September 2015

I owned a piece of land. Acquired in 1998 for R60 000. The land was sold in 2014 (this tax year) for R300 000. The agent fee for selling was 5%. I know the Capital Gains Tax was only implemented after acquisition. Please advise whether the calculation for capital gains tax is able to take into account some appreciation in value between 1998 and the year when the tax came in.
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Do your
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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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