When must Capital Gains Tax be declared?

  Written by Marc   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

  Written by Evan   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?

  Written by Marc   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 ?

  Written by Marc   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

  Written by Evan   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

  Written by Marc   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?

  Written by Marc   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?

  Written by Evan   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

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   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.

Married couples and CGT on sale of primary residence

  Written by Evan   Posted 28 September 2015

If a couple is married in community of property, does the Capital gain on the sale of their primary residence get split between the two on their tax returns (if the CGT profit is over R2 mil)?
i.e, do they each pay 50 % tax on the profit?

Request for Supporting Documents but I have not been employed for 3 years

  Written by Marc   Posted 27 September 2015

SARS is asking for supporting documents related to my tax return but I have been unemployed and living abroad for three years! I don't have any of the documents they are requesting. I still pay provisional tax and submit that tax return dutifully. I read that I must swear an affidavit at a police station but I am currently not in the country and won't be back for several months - they need these supporting documents in 21 days. What must I do? (I did email them, asking them what to do, but they ...

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Do I qualify to give an it3 certificate to an shaare holder?

  Written by Marc   Posted 22 September 2015

I started a small company with a friend a year ago, she recently needed money and although our company is not profitable yet I offered to buy her out at double her original investment. I paid her in cash. She is requesting a IT3 tax certificate for the money I paid her, how do I do this?

Clarify how to enter rollover of CGT/loss.

  Written by Marc   Posted 22 September 2015

What amount must I enter for the rollover from last years CGT loss. During the 2014 tax year I dis-invested a foreign investment. The original base cost was R1,540,000. 00. The amount in rand that I received back was R1,080,318. 00. This was easy to enter into that year's ITR12. But the current year, I do not know what amount to enter as a roll over or which code to use.

Home Office property business expense calculations?

  Written by Marc   Posted 22 September 2015

We run a small hair salon from home for my wife, she does business as a sole-proprietor and the salon is her sole income source. I understand that we can deduct for ease of explanation 10% (amount of space occupied by the salon in relation to the whole property) from all rates and taxes, electricity etc. I am unsure about the interest/rent piece. Can the salon pay "rent" or can you just subtract 10% of the interest on the bond as business expense (bond is in my name). I've also read that deducting this piece as a business expense now can influence your Capital Gains Tax waiver amount when selling the property later on, is this the case?...

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What is the % of the profit payable by a natural person

  Written by Marc   Posted 17 September 2015

I used the tax calculator, and according to the calculations, tax is only payable on 33. 3% of the profit. However, in the SARS guide to capital gains tax, it states that a the portion which a natural person would be taxed on, is 25%. (this is concerning fixed asset sold, not a primary residence. ) Is the 33. 3% correct?

How is tax on share options calculated after death?

  Written by Marc   Posted 14 September 2015

My dad passed away in Aug 2013 and had a bunch of share options that went into his estate. We sold the share options in Dec 2014, and the estate was wound up and distributed in Feb 2015. However, they taxed the share sale at the maximum tax rate. Should the share sale go into the 2013/2014 tax year when he died, or should it be in 2014/2015 as that's when the sale was actually made? Basically, I want to check if we can claim back the tax paid as it was his only earning in 2014/2015.

CPT payment on money held for 3rd party.

  Written by Marc   Posted 9 September 2015

I have a parent whom gave me money a couple of years back to place in an investment in my name. Recently the entire investment was cashed out and transferred back to said parent. I now have been issued with and IT3(c) reflecting this. My questions are as follows:

1) Though it is not stated on the IT3(c), do I need to pay CPT on the proceeds (SARS code 4205)?
2) If I need to pay CPT, as this money did not belong to me (though the investment was in my name, I did not derive any benefit from it), is there a way in which the CPT can reflect against the party whom the money belonged to?...

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How can I go back to changing my answer for capital gains if I don't have the option?

  Written by Marc   Posted 8 September 2015

I need to change my answer to capital gains that I gave, but the problem is I can't go back to the capital gains sections. How do I go back to it?

Tax on local based foreign currency accounts

  Written by Marc   Posted 3 September 2015

How is tax caculated on a local foreign currency account. Example: Savings of $100. Worth R1000 but worth R1200 due to currency changes at end of year. And also interest of R50.

Please advise on inheritance tax and interest income tax.

  Written by Marc   Posted 2 September 2015

I am receiving R 800 000 from my uncle, as part of an inheritance. Will I have to pay tax on this. I would like to invest it where I will receive a monthly interest that I can use, will I be taxed on this monthly amount. If so how much?

Can not afford to pay my tax.

  Written by Marc   Posted 30 August 2015

I have to pay capital gains tax of R200000. I can not pay this amount. What must I do?
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