Is capital gain only for the period that a property is rented if it was a primary residence?

  Written by Marc   Posted 20 November 2015

I would like to sell a rental property which was my primary residence from 1 September 2007 -30 June 2012. It has been rented out from 1 July 2012 till the date of sale? December 2015. This means it was my primary residence for 5 out of 8 years. Is the capital gains calculated for the 3/8 years ie: 37,5%?

where do I put medical aid savings interest earned INCOME TAX - IT3(b) in the tax returns?

  Written by Marc   Posted 19 November 2015

This year I received R400 from an INCOME TAX - IT3(b) from the medical aid as interest earned, this is the first time I receive it with an amount previously it will just be R0. 00. Do I need to include this amount in my tax return and if I do where do I put in?

I think I have the wrong IRP5

  Written by Marc   Posted 19 November 2015

My period of employment was 01/05/2013. Can I still do that tax year?and how do I get a IRP5 for my current employment?I work for a real estate company and only get commission.

Which section does capital gains tax fall under?

  Written by Marc   Posted 19 November 2015

During the past tax year, my husband and I (married out of community of property) bought a property together to rent out. We fixed it, but subsequently sold it for various reasons. Which section does this capital gains tax fall under? It's not under interest/investments and the questions under "business" confuse me... Thanks,

Made my own medical contributions whilst unemployed. Can I claim

  Written by Marc   Posted 19 November 2015

If I was unemployed for the year and only received a payout from a provident fund, that was taxed by SARS. And continued to make contributions by myself to medical aid. Can I claim anything?

Medical expenses in my return

  Written by Marc   Posted 19 November 2015

My company pays my medical aid which is reflected on my IRP5 under code 4005. I have 4 dependants on their own medical aid. I pay the contributions from my bank account. Do I add these contribution amounts to my other medical expenses for same dependants also paid out of my bank account and reflect it under code 4020? Plus do I state the number of dependants including myself as 5/month?
I am never sure how to complete this each year. Thank you

Can I resubmit incorrectly done tax returns from previous years?

  Written by Marc   Posted 19 November 2015

If I have incorrectly filled out a tax return from a previous year and this has resulted in penalties. Can I resubmit that year using TaxTim?

How do I rectify outstanding RA amounts, without the documentation?

  Written by Marc   Posted 19 November 2015

SARS says there is an outstanding amount from a RA in a 2012 Tax Return, because of this I have a very high penalty to pay. I can not find this documentation, even after I've requested it from my RA at the time. What do I do if the numbers don't add up, and I can't find this document.

Can I claim my expenses for traveling to work everyday? My tax code is 3616.

  Written by Marc   Posted 19 November 2015

Can I claim my expenses for traveling to work everyday? My tax code is 3616.

Forgotten Expenses

  Written by Marc   Posted 19 November 2015

I have submitted my tax return via taxtim but have forgotten to include out of pocket medical expenses of R4180.

Cash Receipts in lieu of benefits

  Written by Marc   Posted 19 November 2015

Is the cash part of your salary received in lieu of benefits taxed? (usually when you are a contract worker)

UIF to be deducted weekly from Wages?

  Written by Marc   Posted 19 November 2015

Should UIF be deducted from the employees wages weekly, if the employee gets paid Weekly Wages? Or add all the weekly payments together at month end, then deduct 1x UIF amount from the employee?

TAX for vacation student

  Written by Marc   Posted 19 November 2015

How do I register for a tas number if i'm a vacation student?

Tax on Cash Lump Sum

  Written by Marc   Posted 19 November 2015

I have resigned and Agreed with my current employer to get paid my 3 month notice pay since I am starting my own business. How much tax is applied to a cash lump sum (3month notice 220k leave pay 70k), can I apply for a tax directive.

Does TaxTim work for self-employed, freelance individuals?

  Written by Marc   Posted 19 November 2015

Does TaxTim work for self-employed, freelance individuals?

Home office

  Written by Marc   Posted 19 November 2015

What evidence do I need to claim expenses for a home office?
What expenses can I claim besides rental?

Interest on family loans

  Written by Marc   Posted 19 November 2015

If I loan my child R150 000 and charge her 7,5% interest, would that be considered fair interest by SARS ( I will also donate R 100 000 to her in that same tax year), and the interest I earn (from the loan) would that fall into the R 23 800 interest exemption, and not actually be taxable?

Tax on bonus from work

  Written by Marc   Posted 19 November 2015

Hi, If I earn 12000 per month and get a full 13th bonus of 12000. 00. How much of my bonus will be tax

What is the limit on taxable interest from investments per year?

  Written by Marc   Posted 19 November 2015

What is the maximum amount of interest I can receive on my investments for a year, before I begin to be taxed? I am not married. I have a Fixed Deposit and I receive rental income.

I have to do the IRP5 only

  Written by Marc   Posted 19 November 2015

I have the IRP5 not the IRP6 or 12. Why I did not get that option?

Filling a rfc

  Written by Marc   Posted 19 November 2015

If I submitted a tax return and uploaded supporting docs and then realized I made a mistake can I file a RFC

How to declare other income, if when combined with interest income is still below the threshhold

  Written by Marc   Posted 19 November 2015

I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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Tax already paid only dividend income

  Written by Marc   Posted 18 November 2015

Do I included foreign and/or local dividend income on a unit trust if it has already been taxed as per my IT3b

Allocation of rental income on jointly registered bond.

  Written by Marc   Posted 18 November 2015

My partner and I rent out the garden cottage of our primary residence, the bond of which is jointly registered in both our names. We are not married. The rental is paid into her account, but I pay for most of the expenses from my account... The bond on the property etc. How should the rental income be declared - hers since it is paid into her account, or jointly (50%-50%) since the asset is in both our names and we otherwise share household expenses?

What type of forms to submit to represent your vehicle logbook

  Written by Marc   Posted 18 November 2015

When asked to submit your logbook to SARS, can I use the petrol claim forms for the starting and ending month of that financial year or should I include all the months?
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