Calculation of 183 & 60 days by working backwards a 12 month period from the last day of employment

  Written by Alicia   Posted 23 May 2016

I started working abroad in Hong Kong on 1 Jun 2014 and am comfortable meeting the 183 & 60 days requirement for the 2014/2015 & 2015/2016 SA tax year of assessments. However, I need clarification on the 2016/2017 SA tax year of assessment as I will be tax returning back to SA permanently on 30 Sept 2016. I would have met the 60 days continuous requirement, but not the 183 days, it will only be a 122 days from 1 Jun 2016 to 30 Sept 2016. Reading Income Tax Interpretation Note No. 16, specificall...

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Donations from abroad

  Written by Alicia   Posted 23 May 2016

I am a south African working and living abroad. I would like to transfer some money to my retired parents. Will they pay tax on the money I transfer to them?

What will my tax liability be if I start a business?

  Written by Alicia   Posted 23 May 2016

Hi, I can provide services such as graphic design, animation, music production and web development. I recently caught attention of few business owners wanting me to do work for them, will I need to pay tax approaching them as self employed individual? I am prepared to charge everything once off based.

Rental income allowable tax deductions

  Written by Alicia   Posted 22 May 2016

I am currently in the UK and need some help regarding various tax related queries before I tax return to South Africa within the next 2 months

Including my tax return I did online before I left. (needs to be finalised)
A bank account change at SARS. (do I have to do it in Person)
I need to register a SA company for VAT. I would like to know how long I must be in the UK to have a tax benefit in South Africa. I have been working here since 1/1/2016 and have to tax return before 31/07/2016...

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Can my VAT liability be back dated?

  Written by Alicia   Posted 22 May 2016

I run an events company and should have registered for VAT a long time ago, but am only doing so now. On completing the registration form, they will see that my company has been operating for a couple of years now, some of which, my turnover has been over the threshold. My question is: Will SARS investigate my prior years financial turnover? What will happen if they do investigate my prior year finances?

How does capital gains tax contributes to vertical equity?

  Written by Alicia   Posted 20 May 2016

Explain how capital gains tax contributes to vertical equity.

How is CGT paid, is it deducted from gross investment or added to gross annual income

  Written by Alicia   Posted 20 May 2016

If you are subject to capital gains tax, how is it paid, is it deducted from gross investment or added to gross annual income

Turnover tax, can one claimable expenses prior to the tax calculation?

  Written by Alicia   Posted 18 May 2016

What expenses can be claimed before u calculate the tax payable on company that is registered for Turnover tax?

Additional income, and when do I register for Provisional tax?

  Written by Alicia   Posted 18 May 2016

If I do freelance work and get paid via Paypal what are the tax implications of withdrawing the funds into an FNB account, this would be a second source of income

Capital Gains Tax vs Donations Tax

  Written by Alicia   Posted 16 May 2016

Provide a reason why there will be no Capital Gains Tax consequences on the receipt of R50 000 as a donation be.

Sequestration and Business Vehicles

  Written by Nicci   Posted 13 May 2016

If I have been declared insolvent, can I still make claims against the business use of a vehicle if not registered in my name? For example, I make use of a vehicle registered in someone else's name, but I still make the payments as I am the driver of the vehicle for business purposes. Also, what if exemption was granted and I kept my vehicle, will I then still be allowed to claim against the use of my vehicle used for business even if I am sequestrated?

International transfers and disability income taxed in the UK

  Written by Nicci   Posted 12 May 2016

I am living abroad and get a disability income from Discovery Life every month paid into my South African account. If I want to transfer the money over a UK bank account, how do I do it? Also, are there tax implications in the UK then as well as South Africa when bringing it in?

How do I get a tax number when I am expecting a varying income from offshore investments?

  Written by Nicci   Posted 12 May 2016

How do I apply for a tax number when I am expecting a varying monthly income by investments internationally?

Tax on divorce settlement

  Written by Nicci   Posted 12 May 2016

I would just like to know if I will be taxed on my divorce settlement?

Taxes for a R5000 part time job for foreign student visa holder

  Written by Nicci   Posted 11 May 2016

As a foreign student, do you have to pay taxes on a salary of R5,000 per month. I am working 80 hours per month.

Estate duty and tax on a property held within a company

  Written by Alicia   Posted 9 May 2016

What taxes are due on a property owned by an individual when the person dies?
What taxes are due on a property owned by a company when a shareholder dies?

Can I dispute a claim from a few years back?

  Written by Nicci   Posted 6 May 2016

I believe I qualified for a exemption on my tax a few years ago (around 2011/2012) - out the country for more than 183 days with one trip more than 60 consecutive days all for work purposes. My tax consultant at the time said he submitted all the documents, but when I went to SARS they said they had not recieved them. I handed them in at SARS and they requested further information which I submitted. They then requested further information which I then got so frustrated I decided to give up on th...

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SA pension taxed in Mauritius

  Written by Nicci   Posted 6 May 2016

According to the SARS website if you are a resident of Mauritius you can apply for a directive to have your income from a South African pension to be taxed in Mauritius provided you supply proof of being a registered tax payer in Mauritius (part of the DTA agreement). Please can you confirm this as the difference in tax rates between the 2 countries is huge.

Forex trader tax allowable deductions

  Written by Alicia   Posted 5 May 2016

I want to become a Forex Trader and would like you to advise me on how do I go about? (do I need to form some sort of form from SARS for tax or the money/profit that I will be receiving from overseas would be already taxed and if so what is the name or type of that Tax)

Tax on foreign earned income

  Written by Alicia   Posted 5 May 2016

I've been working overseas temporarily and have save up 2600euros, when I come home will this be taxed when I exchange it to rands.

VDP in respect of Interest on foreign funds

  Written by Nicci   Posted 4 May 2016

Hi. I worked in the UK for the period from about 1982 until about 1986. During that time I purchased a house there in 1982. After coming back to SA in 1986, I kept the house until selling it in 1987. The proceeds from that sale remained behind in the UK in an interest earning account. I have not declared any of the interest earned on the account since then until now. Wanted to know what are the SA tax implications of this interest that was not declared and also whether I can apply for VDP in res...

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Can I withdraw and reinvest money in the same year in a tax free investment account?

  Written by Nicci   Posted 4 May 2016

If I invest R30 000 into a tax free investment account in one year, and withdraw R10 000 from that account in the same year, then my total contribution for the year is R20 000. But if I then later in the same year, reinvest the R10 000 into the account, will I be penalised because my total contribution is R40 000 for a specific year?

Taxation Rate of Retirement Benefit Lump Sum

  Written by Alicia   Posted 4 May 2016

At the age of 58 - if I retire from a provident preservation fund and receive the benefit as a lump sum - at what rate will I be taxed?

Over-taxed on pre-retirement preservation fund withdrawal

  Written by Nicci   Posted 4 May 2016

I started working in Jan 2012 for company. In Dec 2014 I was retrenched and paid a severance package. I preserved my provident fund contributions in a preservation fund and haven't touched it since(about R100k). I started working for company Y in Apr 2015 and ended my employment with them on 31 Jan 2016. I again preserved my pension fund contributions in a pension preservation fund (about R35k). In March 2016 I ran into some financial trouble and decided to withdraw the entire pension preservati...

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Earn a salary in the UK and will be moving to SA permanently

  Written by Nicci   Posted 4 May 2016

We are a couple who recently moved to Cape Town from the UK. I am a South African and my wife is Swedish. She is here on a temporary residency visa. We both draw directors salaries from our company in the UK. My wife also works remotely for a company in the UK. We do as yet not have employment in South Africa but have some money invested here. Would taxtim be able to assist us considering that our circumstances aren't all that regular?
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