Investment return tax

Posted 28 July 2015

How much tax will I pay for my investment returns?

Two IT3c certificates - do I use both?

Posted 25 July 2015

I received 2 IT3c forms for the same investment. Do I use both to complete my tax return? One is related to capital gains, source code 4250, and the other to income from investments.

Tax on share sales

Posted 25 July 2015

I have sold some shares, and made a small profit. Reading the rules around tax on shares, I have deemed it to be subject to Capital Gains tax, and not taxable income. Could you please advise where to declare it on my SARS e-filling, under local gain/loss?

I don't see a section where I can write a description or enter a source code. Do I need to declare this amount if it falls within the annual exclusion amount?

Taxation on foreign bank account

Posted 21 July 2015

I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?

When do I have to pay CGT?

Posted 20 July 2015

I had a Capital Gain from the sale of shares in April 2014. My tax return is due by November 2015. Is it better to wait until then and pay the tax or make the declaration now and pay now? If I declare now am I obliged to pay tax immediately or is there a penalty if I only pay by November 2015?

Tax on overseas earnings when moving to SA

Posted 17 July 2015

I have been working as a teacher in Dubai for 15 years. Prior to this I lived in the UK since 1984 and I was born there. I lived in SA from 1974 to 1984 as a child and gained SA citizenship, bought property and spent holidays in SA whilst teaching in Dubai. I will now move to live in SA on a permanent basis. My question is whether I will be liable to pay tax on my overseas earnings from March to July 2015 (the month I tax return to SA).

CGT on primary residence previously resided in

Posted 16 July 2015

I own ONE property which I previously resided in (property A). I now rent this property (A) out to other people and reside in a different house which I rent from someone else. I have now sold the property (A).

I owned the property for 9 years of which I resided in it for 6 years (rented out the first year and the last /- two years). Given that it is the only property that I own and I previously resided (Sch8 s44(b)) in it, will the sale qualify for the primary residence exclusion in...

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Capital Gains Tax when you sell a property

Posted 15 July 2015

Hi,
How does Capital Gains Tax work? I sold a property and someone said I should indicate that it was my primary residence although I have another property. The one I sold was being rented out. Surely SARS would be able to see that?
Thanks

Income shown on IRP5 for code 3718 vesting of share

Posted 13 July 2015

I received some share options from my employer that have vested and have been sold. What amount should be shown on my IRP5 under code 3718? Should the amount be the value of the shares when the shares vested or the value of the share when the shares were sold? In my case the difference in the share price between the vesting date and sale date is over R20000.

Allowable deductions on property for tax purposes

Posted 13 July 2015

I bought a property in the previous tax year and paid initiation fees which were included in my bond account. Can I include the initiation fees as bank charges when doing my income tax return? Also the tenant didn't like the color paint in the house and we had to repaint the house can I deduct that cost under repairs and maintenance?

How to prepare statement of personal assets and liabilities for SARS tax return form.

Posted 13 July 2015

How do I create/make a personal statement of assets and liabilities for a member of cc or a director. I am told this should indicate all income received by the person and shares, unit trust and other holding he/she may have. As well as all expenses made by the individual RA's Medical Aid and so on.

Where do I fill in source code 4251?

Posted 9 July 2015

Where do I fill in source code 4251?

What to pay to SARS on a R80,000 house sold?

Posted 8 July 2015

Hi. I sold my house for R80,000. How much tax do I need to pay on that?

Moving from the Middle East to South Africa

Posted 8 July 2015

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.

What can be claimed in case of a second property bought in the current tax year?

Posted 6 July 2015

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.

Employed Commission Earner and Investor - Where do I stand?

Posted 5 July 2015

Hello

I am hoping you can help. A few things:

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?...

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Docs required for proof of profit on sale of house

Posted 3 July 2015

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?

Documents required for tax returns at SARS

Posted 2 July 2015

What do I carry along when I am going to SARS?

We want to sell our property in our CC? What are the tax implications?

Posted 1 July 2015

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?

Do I need to apply for a tax directive for my earnings received (private company)?

Posted 1 July 2015

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...

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CGT on Property sold by family trust

Posted 29 June 2015

How do I calculate Capital Gains Tax on a property owned by our family trust?

Does paying bond, cars, etc fall under investment certificates?

Posted 23 June 2015

Hi

I would like clarity on the information available on your website pasted below

• Get your Interest and Investment certificates from the bank and financial houses (IT3b and IT3c) These should have been sent already. Does paying bond, cars, etc fall under the above bullet point?

What is the tax threshold for provident fund payouts?

Posted 23 June 2015

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

Tax on income property mortgage restructuring

Posted 23 June 2015

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...

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Rental income, less deductions less than cap, must I register for Provisional Tax

Posted 23 June 2015

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?...

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