Capital Gains Tax of a property that was 5 years primary residence and then 6 years Rented out?

  Written by Marc   Posted 17 November 2015

I have a second property that was my primary residence for 5 years (bought for R200k) and then rented it out for another 6 years. Not I sold it (R500k). Do I pay Capital Gains Tax for the entire 11 years (R300k) or can I pro-rata the Taxable Capital Gains as (6/11 x R300K = R163. 6k).

Registering for tax

  Written by Marc   Posted 17 November 2015

Hi, im working now as a temp for only two months. However in the past I have never had the need to pay tax because I have never earned that much per year to pay. I used to earn between 3500 to 6000. Now the company want a tax number? Do I need to register or how do I go about? Thx

How will the last year tax returns affect the new year if its not paid?

  Written by Marc   Posted 17 November 2015

If I have an outstanding amount to pay, will it affect the new year tax returns?

If I submit 2 ITR12 form , will I receive two ITA34 assessments from SARS?

  Written by Marc   Posted 17 November 2015

If I submit 2 ITR12 form, will I receive two ITA34 assessments from SARS?

If I use both codes will I be taxed twice on one amount paid to me

  Written by Marc   Posted 17 November 2015

I have an IRP5 from Glacier Financial Solutions for my pension payments and they have used the amount paid to me under code 3610 and code 3698. If I enter both on my tax return will I be taxed twice?

Period for EMP501 2015-08

  Written by Marc   Posted 17 November 2015

I want to know for which period is the 2015-08 EMP501 is it from March 2015 to August 2015 or is it from March 2014 to August 2014?

Do you get taxed more in year that you had income or where there was minimal or no income?

  Written by Marc   Posted 17 November 2015

I left my job in August 2015 and want to withdraw a portion of the provident fund in Nov 2015, i. E. In the same tax year as when I worked 6 months (March - August 2015). Am currently unemployed/self employed. What is the best time to withdraw in such a way as to save on tax. In 2015 year or wait for new tax year (Feb, 2016) where income is R0. 00?.

Can't get old IPR5 from previous employer

  Written by Marc   Posted 17 November 2015

What should I do if I can't get my old IRP5 from my previous employer, SARS is owing me R6000

Home office Expenses disallowed

  Written by Marc   Posted 17 November 2015

I'm a normal salary employee (not a commission earner) that work from home in a dedicated office 4 days a week, and I travel to the office one day a week. I tried to claim for a home office, and on my tax return I got the message "Home office Expenses disallowed". No reason given. I've tried querying, but they give me a case number, but never resolve the query. My employee contract is very old, and doesn't have the arrangement in. Can I give a letter from my employer as proof? What other documen...

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Payment Reference Number - Provisional Tax

  Written by Marc   Posted 17 November 2015

For Provisional Tax - how does one determine the Payment Reference Number on the IRP6? Do you determine this or do I have to - and if so how do I determine the reference number?

Salaried and Provisional Tax deadline

  Written by Marc   Posted 17 November 2015

As a salaried individual who also makes some money n the side and am registered as a Provisional taxpayer, does the 27 November deadline affect me or do I have until the end of Jan 2016?

No IRP5 received yet

  Written by Marc   Posted 17 November 2015

I started working for an employer in April this year. I have been informed that my IRP5 will be issued end of next financial year. How will I submit my tax return if I haven't received this yet? I was self employed before starting at the new company and income then was below the threshold to have to submit a tax return.

How to do SARS Tax Returns

  Written by Marc   Posted 17 November 2015

I am not sure how to do my tax returns and though I have the SARS eFiling log in credentials I do not want to update my ITR12 form and end up having to pay back thousands of money that I do not have. I am afraid that I will have penalties involved and not sure how to go about it?

Medical Aid and Annuity deductions

  Written by Marc   Posted 17 November 2015

Good afternoon. I have medical aid and a retirement annuity, which is registered under my name and details, but the payments are made in full directly by my employer. It does not reflect on my monthly salary slip but is part of my formal yearly package. Can I claim tax on my medical aid and annuity?

Med deductions

  Written by Marc   Posted 17 November 2015

Med expenses R29227. 00 for year 28/2/15
Single
Income R150000. 00
78 years old
What can I claim for medic

Earn a salary but fill my own fuel

  Written by Evan   Posted 17 November 2015

Hi, hope you can assist me with a question. I currently earn a basic salary as I'm employed as a rep, I fill my own fuel when going out to see customers. My question is : can I claim for km I travel for business?

Can I still log Notice of objection after more than 30 days

  Written by Marc   Posted 17 November 2015

Hi. I submitted my tax in July but only claimed disability however did not put in my expenses. Like school fees. Can I still log a Notice of objection

How much tax for my bonus

  Written by Marc   Posted 16 November 2015

If I'm getting a bonus at the end of the year that is on December from my company I'm working. How is my bonus tax calculated. Like my monthly gross is R7042. 35. And my bonus is same amount as my net salary R6809. 05. How my bonus be taxed?

Where do I get my tax directive?

  Written by Marc   Posted 16 November 2015

I got an IT34 notice. My tax status shows I need manual interference from SARS as they need a tax directive for the lump sum paid to me from a retirement fund. I received one IRP5 from my employer which includes my year's salary income as well as the retirement money. What happens now? Who is responsible for getting the tax directive? Shouldn't the retirement fund paid me directly and issued their own IRP5 to me?

Payment periods for Provisional Tax

  Written by Marc   Posted 16 November 2015

Re: 2015 - Provisional Tax Payer
If I make payment of my first provisional for the tax year 2015 then this would need to be submitted by the end of August 2015 - the second provisional payment to made by end of February 2016. Should I need to make a top up this would be made before the end of September 2016 and the final ITR12 would then be made before the end of January 2017 - is this correct?

Subsistence allowance claim

  Written by Marc   Posted 16 November 2015

My employer gave me a subsistence allowance for local travel. But they have shown it under Code 3713 (other allowances) instead of under the subsistence allowance code. The subsistence allowance field on the tax return is greyed out and so is the other allowances field. How do I claim my expenses?

Source codes 4201 & 4250

  Written by Marc   Posted 16 November 2015

Which section do you enter income source code 4201 & 4250? I have investments at RSA Retails Bonds and Satrix. I didn't see anywhere to enter it.

If I started working full time in March 2015, when am I required to complete a tax return?

  Written by Marc   Posted 16 November 2015

If I started working full time in March 2015, when am I required to complete a tax return?

Timeframe on Verification and Auditing?

  Written by Marc   Posted 16 November 2015

Hi there, I submitted my tax 2015 to my registered tax practitioners. I was told that SARS wanted verification on all supporting documents. I was further told that it would take up 3 months for SARS to verify the info. How is it possible that usually verification takes a 'quick look' and auditing takes 3 months? It sounds that I wax misinformed that verification should not take more than three months. If it were more than 3 months, then does it look like verification stage or auditing?

If verification was supposed to be a quick check, and there is a hold up on it - what is the likely cause to the delay of the refund?...

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Sale of property - sale resolution

  Written by Marc   Posted 16 November 2015

My property was sold in November 2014, but the proceeds only entered my account in March (if I remember correctly). Do I then need to note it on my 2015 tax return?
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