Refund on Dividends Withholding tax?

Posted 24 August 2015

I have twins and have set them up with unit trust investments in their own name. The distributions from the trusts are fully reinvested. However the trusts pay out a mixture of interest and dividends etc. On the dividends can I submit tax returns for them to claim back the dividend withholding tax. The interest and capital gains portions are below annual limits. They have no other income as they are not working.

Income tax return 2015

Posted 20 August 2015

I submitted two provisional tax returns for capital gains tax for 2014/2015. Now I want to submit my annual tax return (ITR12). I already have an IRP5 from my employer. What do I do with the provisional tax information? Do I include it on my annual tax return or what? Please advice

Capital Gains on joint ownership of property where only one person is the primary resident.

Posted 20 August 2015

I am joint owner (50%) of a property with my son. He is the primary resident, I am not. If we sell the property, how is the Capital Gains Tax calculated? The gain will be way below the threshold of gain of a primary residence.

Is the sale of an old house & purchase of a new house show on my tax return?

Posted 19 August 2015

If I sold my old house for R830,000 & bought a new house for R1,150,000 do I need to inform SARS of this?
I did this in order to move closer to my place of employment.

Where did I fill this codes IT3B, T3C, IT 3(b), & IT 3(C)

Posted 18 August 2015

What is a difference between IT3B, T3C, IT 3(b), & IT 3(C)

Tax implications on unit trust for a new born child

Posted 17 August 2015

Hi Tim
What are the tax implications if I have a unit trust fund for my child. Do I need to disclose the interest and capital gain on sale in my tax return? Thank you

Are vehicle repayments tax deductable for a sole-proprietor?

Posted 17 August 2015

I am a sole proprietor in a health profession. I have an office, but I see a lot of clients at their homes or primary residence. I need a car to conduct my business, and have just bought a new car. What are the tax implications of this? Can I deduct the repayments and insurance premium as a business expense?

Need help with filing for CGT

Posted 17 August 2015

I need help with filing for capital gains tax. I sold my property in August 2014.

Support for cell phone depreciation at SARS?

Posted 13 August 2015

What supporting documentation does SARS usually look for when assessing if depreciation/wear and tear on your cell phone is an allowable deduction. Please note that my cellphone is paid via a monthly contract fee. These contracts usually don't stipulate the base price of the phone. Furthermore, what support do you need to give them for the allocation of business use versus private use. I have tried to search and ask what they need as they wanted to verify this deduction, however, I cannot seem t...

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Passive investment and unit trust income - do I submit a tax return?

Posted 12 August 2015

I am an independent contractor and my earnings is below R200 000 per year. Over the past two years, I have managed to save and have invested R100 000 in listed shares and R50 000 in investment funds such as unit trusts. I am not sure whether I need to submit a tax return?

Foreign Capital Gains

Posted 12 August 2015

Is the capital gains R30 000 exclusion also applicable to foreign capital gains of an SA resident?

Tax on endowments

Posted 12 August 2015

What percentage of tax do you pay on endowments upon a husband's death, and his wife is the beneficiary?

Is there income tax payable on interest received from SARS?

Posted 12 August 2015

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

The definition of cost in Assets and Liabilities section of the ITR12?

Posted 11 August 2015

In the completion of the ITR12 assets and liabilities section, SARS are asking for the assets at cost. This is the first time I am submitting assets and liabilities so want to be sure the cost is reflected "correctly". What is the definition of cost, example for a home purchased 20 years ago. The current value or the original price that was paid?

What is an IT3c and where do I put the information on my tax return?

Posted 8 August 2015

I have received a IT3(c) from old mutual
there is a code 4250 on the form. Were do I find the section to complete this on SARS eFiling

Capital gain tax

Posted 7 August 2015

I need to sell shares owned by myself. The 149 shares were bought at R1000. They are now worth R3000 each. What is the tax implication for an individual at February 2016. I am under 65 years of age.

Inheritance, do I pay tax on it?

Posted 5 August 2015

Do I need to declare lump sums that I received from an inheritance? The lump sums were from retirement annuities, a life policy and proceeds from a fixed property that was sold out of the estate. Thank you!

Tax on profit of house sold

Posted 5 August 2015

If a house was sold during the tax year, do you have to declare the profit?

Where do I put IT3c on the taxtim?

Posted 31 July 2015

An IT3c is a Tax Certificate received from an institution such as a bank or financial services,where do I put it on the taxtim?

Investment and capital transfer

Posted 29 July 2015

I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.

Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax?
Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....

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New home transfer duties

Posted 29 July 2015

We bought a home and was told that we could claim back on the Transfer duty and registration cost that we paid over. Is this possible and how do we do this?

Proceeds on Sale of Shares

Posted 29 July 2015

Do I need to declare the sales of my shares if the gain is less than R1 million?

Capital Gains on SATRIX fund transfers

Posted 29 July 2015

I received my IT/IB 3(b) and IT/IB 3(c) from Satrix. The IT/IB3(c) reflects disposal of Unit Trusts or financial instruments with source code 4250. I did not cash in any of my EFT's but transferred them from one fund to another. Must I still reflect these values in my tax form?

If yes, which figure do I reflect for source code 4250? - weighted average value, Gross Proceeds, Nett gain / loss or weighted average value.

Are transfer fees deductible for purchase of home?

Posted 29 July 2015

Can I deduct fees paid to transfer attorneys and bond attorneys for the purchase of my home? The property is not an investment property, it is my primary residence - I live there.

Can I claim expenses on bond and transfer fees on investment property?

Posted 28 July 2015

My bond was registered for my investment property end April 2014. Please advise if I can claim under expenses incurred all of the bond and transfer fees amounting to R31,336. I called SARS contact centre and the lady advised that I am allowed to do so but from her tone of voice was not 100% certain. I have a reference number for the call whereby she agrees that I can claim as an expense. Please can you advise me as to what I should do?
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