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

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

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?

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

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?

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

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?

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

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?

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?

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?

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

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?

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?

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?

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

Posted 22 March 2016

Is south African interest exempted?

Taxation on foreign sourced pension

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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Is it the building size or stand size used for home office calculation?

Posted 21 March 2016

I have a home office and I want to know in terms of the calculation for the percentage of the home being for the office is it the entire stand size of the property or just the building size?

SARS, bitcoin wallets and disbursement of BTC funds

Posted 21 March 2016

However, there are a number of issues that I cannot get to grips with regarding the storage of BTC in a wallet and the further use of BTC outside the fiat system:

1) If I moved my BTC to a wallet provider outside of SA (blockchain, based in Luxembourg but servicing globally) does SARS see this as an offshore transaction? as:
a) The wallet provider is not a registered global institution as such. b) No interest is accumulated to this wallet / amount, so no income is generated.
...

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Tax number for checks

Posted 17 March 2016

I recently had to give my tax number to a rental agent/landlord for a lease application. Does this mean they could gain access to my tax records if they have my tax number?

Which year do I declare CGT on property sale?

Posted 11 March 2016

If the date of sale and the registration of that same property fall under two different tax years, which is the year applicable for submission of the tax return to SARS?

Tax clearance certificates

Posted 11 March 2016

Do I need a tax clearance certificate if I go sailing out of South Africa for a few years? I do have a property in South Africa

What is the Income Tax Payable on a Rental Income of R8,000.00 a month from Feb 2016?

Posted 11 March 2016

I am a 59 yr old Male earning an annuity of R19,000. 00 per month and and an Income of R8,000. 00 a month form the property rental.

Capital gains tax on primary residence

Posted 9 March 2016

I want to proceed with Tax Tim to complete my tax return for 2015 as it seems I have a penalty of R 1215. My question is, my tax practitioner did not complete my last tax return and I have managed to gain control of my SARS eFiling and changed my status from a Provisional Tax Payer to Ordinary Tax Payer, do I submit my tax return as a Provisional or Personal Tax Payer. I did not work in 2015, sold my jointly owned property in JHB, moved to CT and bought another property from the proceeds. I have...

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Outstanding tax returns and arrears for commission earner

Posted 9 March 2016

I have outstanding tax returns for 2012/2014/2015 and the subsequent penalties outstanding PLUS an arrears amount of just short of R20 000. I am registered for e-filing but find expenses I can claim for and their relevant codes very confusing so have saved the tax returns without any expenses claimed. I am a commission only earner in property sales and have IRP5's for the relevant periods. I have not kept a log book for petrol and kms but have slips for petrol, car expenses, data costs, client ...

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