Capital gains tax on primary resindence

  Written by Alicia   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 ...

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Tax on uk based rental income

  Written by Nicci   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

  Written by Alicia   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 ...

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How is online income in foreign currencies taxed locally?

  Written by Alicia   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

  Written by Alicia   Posted 18 April 2016

Selling a property that we live in

Maximum amount allowed to loan out

  Written by Nicci   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

  Written by Nicci   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?

  Written by Nicci   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?

How can we claim bond interest from rental income when married out of COP?

  Written by Nicci   Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Setting up small business while employed

  Written by Alicia   Posted 13 April 2016

Can I set up a small business while still employed? The business doesn't do work that conflicts with current employer.

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

  Written by Nicci   Posted 11 April 2016

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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Tax payable on buy to let property

  Written by Nicci   Posted 11 April 2016

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.

Where to reflect interest on Tax Free Savings account?

  Written by Nicci   Posted 11 April 2016

Must interest earned from a Tax Free Savings Account be included in one's non-taxable income that one submits to SARS?

Capital Gains Tax calculation

  Written by Nicci   Posted 11 April 2016

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?

Will requesting my tax status start an audit if I have not been doing my taxes?

  Written by Alicia   Posted 7 April 2016

How do I find out what my Tax status is and will that make SARS audit me if not correct?
I am a free lance artist I pay tax on some of my fees from some clients. I rent out cameras, and have a part time job at my family business (whose taxes are also a mess). Tax is like gibberish to me I do not understand how it works and so I just stay away. Now my bank needs a tax status for a loan and im scared I will get audited if not right.

Submission of late Provisional Tax returns

  Written by Nicci   Posted 5 April 2016

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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What is tax threshold for 68 year old?

  Written by Nicci   Posted 31 March 2016

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?

What expenses can be deducted when renting out my short term holiday cottage?

  Written by Nicci   Posted 31 March 2016

What expenses can be deducted from tax for renting out a cottage on my property as short term holiday rentals through Airbnb etc?

Why aren't I getting tax rebates on all my work expenses?

  Written by Nicci   Posted 31 March 2016

I contract for a UK based company and and paid in Rands each month - a salary, and all my expenses. Currently I pay a tax person in SA to do my tax (I am paid in full and then it's my responsibility to sort my tax out), however I haven't received any rebates from SARS for 3 years despite all my expenses, including travel, office rental, parking (all business related). Wondering if you can help? Would TaxTim be able to deal with my provisional tax?

Minor's tax obligations on inheritance

  Written by Nicci   Posted 29 March 2016

If a minor child inherits - how much do they have to earn before they must be registered for paying tax?
If they are not liable for tax, does one as the parent still have to notify SARS that they have funds invested?

What are the SARS obligations and benefits for a taxpayer aged 74 years for the 2015/2016 tax year?

  Written by Nicci   Posted 29 March 2016

With regards to your post of 23 July 2012, about retirees aged 65 years and older: have there been any changes since then in SARS requirements for tax returns for the 2015/2016 tax year, or not? What benefits can such a taxpayer expect? What is the taxable threshold for a taxpayer 74 years of age (turning 75 in June 2016)? Where do donations fit into all of this?
1. Main source for living expenses is interest income. 2. Medical aid premium is paid by the retiree in full, in addition to medical expenses which go beyond medical aid benefits. ...

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Are bond initiation fees, legal fees and valuation fees deductible for tax?

  Written by Nicci   Posted 23 March 2016

Hi, I have registered as a provisional tax payer and did my tax return in August. My rental expenses (levies, interest and taxes) are greater than my rental income I earn. Do I still need to file the provisional tax payer tax return now and see if any payments are due?

I have paid for your services for my personal income tax, but haven't received any of my tax information yet (for investments, medical aid etc). Must I just wait until those all come later in the year and send them thro...

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Can residual bond interest from one property be offset against rental income from another property?

  Written by Nicci   Posted 22 March 2016

I have two properties and I pay bond interest on both.

With regards to deducting bond interest from rental income, can residual bond interest from property A be deducted from rental income from another property for tax purposes?

It is aleady summarised

  Written by Marc   Posted 22 March 2016

Is south African interest exempted?

Taxation on foreign sourced pension

  Written by Nicci   Posted 21 March 2016

My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method of retirement would be either on a temporary retirement visa or as a person of independent financial means. I only mention this in case it impacts on my question. My particular interest is understanding how my UK pension income would be taxed in SA. My pension would be derived from a number of sources
1. UK State pension
2. Company pension. All pension is derived from activities not associated with South Africa...

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