I am a British citizen who has worked in the Middle East for 10 years. During this time I gained South African citizenship and will move to live in SA. Will I need to pay tax on the money I earned in the Middle East during the financial year in which I move?
Any information that you can provide would be appreciated.
Hi Tim, I bought a flat in April 2014, which is rented out to students to supplement my income once I retire. What can I claim from SARS for the tax year ending February 2015, i. E. Transfer costs, bond repayment, levies, municipal services, maintenance, security upgrades? Your advice will be appreciated.
My retirement annuity reflects as code 3697 on my payslip. Is this normal, does it count the same as 4002?
I receive a car allowance, but my vehicle installments, insurance and petrol costs me more, is there a smarter way of doing this?
More than 50% of my salary was commission from a single employer this year. Can I still claim fuel,l insurance and depreciation although I have a car allowance? What other expenses can I legitimately claim (i.e entertainment, networking meetings etc. ) Can I claim for expenses my company have re-imbursed me for?...
Hi Tim. I sold my primary residence and realised a profit of just over R1m on it. I know that the allowable deduction is R2m. Given my past experiences though, on the assumption that SARS wants to audit this transaction, what supplementary proof do I need (I have copies of confirmation of payment slips from my account). Would I need to show bank statements as well?
Our CC has a property under its name which we currently reviewing a OTP for it. The CC has been dormant for the pass 10 or so years. What will be the tax implication on this Disposal And how can it be worked out?
Is a tax directive necessary for my consulting firm - I have a private company with 1 employee (myself). I provide consulting services through another IT firm to their clients. I provide the firm with a Sales invoice for hours worked etc at the end of every month. They in turn pay the full invoice amount. I pay myself a fixed salary (PAYE & UIF deductions included) through my business. The remaining amount is profit to the business where we're liable to pay company tax (usually around 7% turnove...
I had 2 lump sum payouts ,company shares and provident fund pay,and I was taxed on both occasions, plus I was taxed on PAYE. I'm a bit confused. What is the tax threshold on provident fund and the shares payouts? The total for the lump sum was R200 000
I have an income property with a bond of R600k outstanding. I want to switch it to another bank to access R200k equity. I will then have a bond of R800k. This will cost me R30k in legal fees. How do I calculate the interest and fees cost deduction on my next return? Do I use the entire R800k's interest or am I only allowed to deduct 75% (R600/R800k) or should I do a manual sum in excel? Can I deduct the fees or do I keep that for the capital gains sum when I sell? Also do I need to pay income ta...
I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)
1. Must I still register for Provisional Tax? 2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...
My company sold a property in April 2015. The tax year end is February 2016. Would the capital gain on the sale of the property have to be included in the first provisional tax return in August. The company has never actually traded and has no basic amount.
Last year, I sold my house in Cape Town because it was big and could no longer afford repayments and maintenance. I bought a smaller one in which I now stay. After paying off the bond, I used what was left to deposit the new house and do some renovations. Am I liable for capital gains tax?
When a house is owned jointly by two people and they sell it, how does the $1. 5 million primary residence exclusion work? Say the house is worth R3 million when they bought it and they sell it for R6 million -- then how much capital gains tax will they pay?
My CC has purchased property prior to Oct 2001 for an amount of R150000. 00 , The CC is dormant and has never traded, I now want to sell the property for R 680 000. 00, what is my tax liability on the CC and what would be the best way to show this?
Business account tax is what I need help with. I have approached two guyz already, the second one can't gain excess into the sARS account as the first person has not allowed him on the system. I am frustrated. Will you at least audit my books
My wife owned and lived in her flat before our marriage. Since our marriage, my wife moved into my dwelling. We have heard that should she now sell the flat it will be subject to Capital Gains Tax ! We are married out of community of property and excluding the accrual system. My wife current earns R156 000 per annum. Please advise. Best Regards Peter