Dividends Posts in Tax Q&A

Can I file a tax return before the tax season starts?



I am foreigner and have been working in SA since Dec 2014. My contract will be ended in the end of May 2016 and I will be leaving SA. Can I file tax return before I leave for tax year 2016 and 2017? Is e-filling still accessible after I leave the country?

Tax on a sole proprietor



I have just opened a sole proprietor in my name. My questions is probably one of the most common ones but I would love to receive a clear answer. I would like to know:
~How much Tax would I pay on my sole proprietor income?
~Is it Tier related?
~Or is it the same Tax doesn't matter how little or much my sole proprietor earns?
~Can I claim this tax back?
~And final question How does my own income apart from the sole proprietor effect the taxes?

Tax implications on money earned from Foreign employment income



I'm a South African with dual nationality (British). I send money to SA every month to pay off debt and to pay off my house in the Western Cape. Will there be a tax implication for this? I will eventually tax return to SA in about 5 years. The reason is set up as house hold bills. Should I use something else?
The money goes from my account here to my account there. Thanks

How is online income in foreign currencies taxed locally?



Hi. I'd like to know how online generated income is taxed. I am a South African resident currently in the process of generating income in foreign currencies ( US dollar and the Euro). I do not want to break any tax laws, please assist me.

Are consulting fees with regards to a share sale agreement deductible?



Are consulting fees incurred for the acquisition of 75% equity shares in company deductible?

Capital Gains Tax on shares sold from a deceased estate



Does a capital gain on shares sold from a deceased estate after the death of the deceased get taxed?

Individual tax registration for citizen abroad



I haven't officially emigrated but live in the UK and have subsequently discovered that I am not registered for tax in SA. This has implications for my my investments over there - is it possible as an individual to register as a tax payer without actually living in SA? It is my intention to register as a tax payer, announce that I am emigrating to obtain non-resident status allowing me to financially emigrate.

What is the tax on interest earned for a non-resident?



I am currently living outside of South Africa. Am I able to deposit money with a South African bank and at what rate will my interest earnings be taxed at? Am I able to withdraw the money easily again from South Africa?

Tax on share options



On 1 March 2011 MaxBuild Ltd granted me an option to purchase 10 000 equity shares in the company for R75 each. The conditions attaching to the grant of the option were that I would not be entitled to dispose of the shares for five years or until I resign, whichever occurred first. At 29 February 2016 the shares had a market value of R123 each. This offer was not extended to any other employees at the time it was made and I'm still in the employment of MaxBuild Ltd. How will this transaction be ...

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Tax implications of funds held in Share Platform



I have a question regarding funds held and traded out of EasyEquities - a share platform you might have heard of. For example, say I want to sell my SAB Miller stock at current value of R1,000 (bought it a year back for R500). I want to know will there be any tax implications if I keep that money in my EasyEquities account and reinvest it into another share. In other words, I haven't paid out the money to my bank account, but just reinvested it back into another share?
Or, does the selling of the shares automatically invoke CGT (calculated at time of sale) even if the funds didn't come directly back to me?...

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Returning to SA after 8 years and still earning pounds and not rand. When am I tax resident in SA?



I'm South African born and worked and lived in the UK for 8 years before moving back about a year ago. I have dual citizenship and I am still paid and taxed by a UK company and earn no income in South Africa. When will I be considered a tax resident in South Africa?

I went to see a tax consultant who didn't really give me much info except 'don't worry', that while I'm not earning South African income I wouldn't be taxed here. I also have shares in a UK company that I'm periodically se...

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What do I do about offshore investments not previous disclosed to SARS ?



My client for a year has suddenly revealed an investment file that shows offshore investment of about R13 million. I am concerned when I look at her previous IT12 tax returns that this was not disclosed. How can I assist my client with the fix as the previous accountant had past on? What will SARS do about these Bonds and equity held offshore which were not disclosed? What is the risk to me, the new accountant? What are my obligations?

Tax payable on buy to let property



I have invested in 4 properties to rent out to provide me with income. The total income I am recieving each month is R 18 000. I am 60 years old and have no other income. The properties are all in my name. How much tax will be payable on this monthly amount considering that this is my primary income.

CGT on sale of business



What CGT will be payable if you sell a business that you started in 2004 with a R3,000 loan, you now sell it for R5. 5 mil and pay a 10% commission.

Capital Gains Tax calculation



I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?

Capital Gains Tax - costs of selling primary home.



When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?

Do I need to submit a tax return while working overseas?



Do I have to submit a tax return for 2 small investment accounts that I have with Nedbank if it is the only source of income I have here in SA? Because I have obtained a job for 3 years in Dubai.

How do I claim Withholding Tax back?



Hi, we get charged withholding tax from Botswana. We have the withholding tax certificates issued from BURS Botswana Unified Revenue Service, but how or where do we claim this back on our IRP6 form.

How much tax am I going to pay on foreign income?



I am earning a monthly income from being a virtual assistant for a company based in the US and earning dollars. It is paid via PayPal and drawn through my bank. This is a second income, not my main form of income. It is part-time work. How much tax am I going to pay?

Submission of late Provisional Tax returns



I received rental income in 2016 tax year, but didn't pay provisional tax. On my ITA34 I am not registered for Provisional tax, but on my SOA, requested one day later, it states that I am registered for Provisional Tax. What are my options now in order to pay the minimal penalties/interest? Do I rather not submit the late IPR6 tax returns and only specify the rental income when I submit my next Income Tax Return?
Also, how does the fact that I am married in community of property influence ...

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Section 10(1)o - Any 12 month period



I started a job out of SA on 1 August 2014 and traveled regularly from SA to my place of work out of SA on rotation up until the end of the job on 29 February 2016. For the 12 month period 1 Aug 2014 - 31 July 2015 I exceeded the 183 and 60 day requirements. I therefore claimed my tax exemption on my 2015 tax return (for the income earned during Aug 2014 - Feb 2015). For the period 1 August 2015 to 29 February 2016 I exceeded the 60 day requirement but not the 183 days. However, if I calculate 1...

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Section 10(1)o - successive tax years and overlapping 12 month periods



Hi Tim,

When working successive years out of SA on a rotation basis (regular travel to and from SA) am I able to overlap my 12 month periods I use when calculating the days worked out of SA?

Section 10(1)o makes mention of the 183 and 60 day periods being part of any 12 month period which may start or end in the financial year in question. There is no mention of not using periods 'twice' ie If I do a 60 day period out of SA in June and July 2015 I could use this sti...

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Tax obligations for Bitcoin trading



I intend to purchase Bitcoin internationally and trade locally for ZAR. Do I need to factor in duties and VAT for the purchases, and if so how much will the duties be and I assume VAT will be 14%?

What is tax threshold for 68 year old?



I am 68 years of age and live off dividends which are taxed before I receive the money. I have a cottage attached to my house (which I own) which I rent out on short term rentals through Airbnb etc. How much do I have to earn per annum before I would have to pay tax on this added income?

Can't acquire irp5 from previous employer before emigration



My previous employer liquidated on 12 February this year & the liquidation hasn't been completed yet. I am scheduled to move to work in Dubai in mid April on a 3 year non binding contract and I am wondering what would be the best solution to file my tax returns for the 2016 tax year?

Just in case I am unable to acquire the liquidators details before I leave for Dubai? Or what can I do if the liquidator does not send me the IRP5?
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