Rental income allowable tax deductions

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...

Read more →

Can i setoff my personal rental against the rental income of my only property?

Posted 19 May 2016

I built a home, had to move for work and am currently renting out my primary and only property for R16500 per month. In the area to which I moved for my new job I now rent a flat for R10 000 per month. Is there any differentiation in SARS for this scenario or is it regarded as an income of R 16500, I don't mind paying tax on the difference, but it feels like exploitation if I need to pay tax on the full amount of rent earned, I spend R 10 000 on having a place to stay!

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

Posted 18 May 2016

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

I pay rent monthly, can I claim a portion back from SARS?

Posted 12 May 2016

If I am renting out a flat, can I claim a portion of what I pay back from SARS?

Is it allowable to claim coffee, tea and filtered water for business purposes in a private company?

Posted 12 May 2016

To what extent can one deduct coffee, tea and filtered water for business purposes (operating as a private company)? I am fully aware that input tax cannot be claimed on these expenses. Will one however be able to deduct for income tax purposes under Section 11(a) if the purpose of buying the coffee, tea and water is to consume during business hours?

Rental Income on room rented at Primary Residence

Posted 12 May 2016

You speak about rental income earned on a second property, and expenses (interest, electricity, etc) that can be deducted from the income. Does the same apply to a primary residence owned by the taxpayer where additional income is generated eg. By renting out a room in the property?

Tax on rental income

Posted 12 May 2016

I have a friend that wants some advise, she owns a business, her husband owns a business. They own property where tenants live. My question is, if they married in community of property who should declare that rental income.

Can I net off rental income against my rent payments?

Posted 11 May 2016

I am receiving rental income on my primary residence and am paying rent to stay in another apartment. Obviously I need to declare the rental income but can any of the rental I am to paying out be set off against this income?

Tax penalty on outstanding returns

Posted 11 May 2016

I haven't filed a tax return in 2 years what is the penalty?

CGT on primary property worth less than R2m

Posted 9 May 2016

My mum (78 years) wants to sell her house (market value is R1,7million) due to her deteriorating health, she can no longer stay on her own now, what are the the tax implications? Property was purchased in 2008 for R1,1million

Estate duty and tax on a property held within a company

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?

SARS has not paid my refund due since 2013

Posted 9 May 2016

SARS has still not paid me my credit since 2013 and also not the credit built up for the following years. They do add interest to the outstanding balance but do not give any reasons why they do not pay out the credit despite all our requests. What could be the reason for this and what other avenues can we try to expedite this problem?

Medical deductions

Posted 5 May 2016

I am not the policy holder or on the policy as the dependent, however I pay for the contributions in full from my bank account. It is my parents medical aid policy. Can I claim from SARS for this expenditure? If yes, what information would I need to support this claim from SARS?

VDP in respect of Interest on foreign funds

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...

Read more →

Tax on a donation between brothers

Posted 3 May 2016

My brother owns half of a property and myself the other half. My brother lives in Australia, and want to donate his part of the property to me, as he is a citizen in Australia now. Must he declare the donation to Australian revenue service or by SARS?
Will SARS charge me donation tax or how will it work?

Does SARS pay interest on refunds due?

Posted 2 May 2016

Interest payable on refunds:

I objected against admin penalties incorrectly charged and I am due a refund of R18,000
I objected against a incorrect tax assessment medical expenses not allowed refund of R9,261
I overpaid assessed tax by R7,000

Will SARS pay interest on these amounts owing to me? The admin penalties was initially taken from a refund due to me so they had already been paid.

Supporting documents for capital gains tax deduction

Posted 28 April 2016

I have sold my primary residence which was bought in 2002 and there will be a profit of more than
R2 000 000 subjected to Capital Gains Tax. There were a few small improvements (not maintenance) done over the years which I believe can be included in the base cost for example Paving, Blinds, Towel and curtain rails, cornices and garden landscaping. However, I do not have documentary proof for some of the older improvements anymore. (Improvements still form part of property)
My question...

Read more →

Capital gains tax on primary resindence

Posted 26 April 2016

Hi Tim, My wife and I bought a house which we own 50/50. We are currently renting out that house as we want to renovate it at some point in the future and then move into it. We currently live in another rented house (ie are renting it from someone else). Would the primary residence be the residence we currently reside in (ie are renting) and the secondary residence be the house we own but are renting out? Then on the rental income, as well the associated expenses of the house we own, do we just ...

Read more →

Tax on uk based rental income

Posted 26 April 2016

I bought a flat in the UK whilst living there. I have since moved back to South Africa permanently but still own the flat and earn rental income from the flat. Where should I pay tax on that income, SA or the UK

Tax paying Freelance Artist / Independent Contractor

Posted 20 April 2016

I am a freelance artist, I want to work fulltime for myself, but can't be certain how much I will make or whether I would make any money at all. I am married in community of property. My husband is lucky enough to have an employer that takes care of his submission every year. I need to ask whether I should add my income to his submission or whether I should have my own tax number. I tried to enlighten myself by reading the Tax website,, but it's all greek to me, I can't seem to figure it out. I ...

Read more →

How is online income in foreign currencies taxed locally?

Posted 19 April 2016

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.

Selling an asset what is the capital gain tax implication

Posted 18 April 2016

Selling a property that we live in

Maximum amount allowed to loan out

Posted 18 April 2016

Is there a maximum amount of money I can loan out to friends and family? Can I loan out R2 mil without having some kind of license?
Someone told me that you can only ever loan out R500 000 at a time, being broken up into maximum of 100 loans. I have loaned out more than R500 000, so I need to know if I am in the wrong here and what I can do to fix it.

Interest on tax refund

Posted 18 April 2016

My tax assessment SARS did not split my rental income 50% as I am married in community of property as was indicated on my tax return, Lodged an objection, but it took so long that I had to pay the incorrect amount in, it was R126,000. My objection was allowed and SARS paid me back the R126,000. But they had this money for 2 months and did not pay me any interest. Should they not pay me interest?, it was there mistake.

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

Posted 15 April 2016

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