I am a real estate agent and require a vehicle to travel to appointments, etc. Would it be better to buy a vehicle (new or used) or lease a vehicle? My understanding is there are greater tax benefits in leasing (claim 100%) while buying a vehicle there is only a portion of the vehicle and interest you can claim. Is this correct? Which would you recommend?
I am doing basic bookkeeping functions for a company. The director has never drawn a salary but intends to do so for the next 2 months at R50000 per month. How do I calculate the deductions and pay UIF etc. over to SARS?
I receive two tax certificates from Discovery for the same investment product. One is an IT3b, the other an IT3c. While the IT3c shows a source code of 4250, the IT3b does not show source codes. It shows "Gross foreign dividends", "Local interest voluntary", "Gross foreign interest" & "Local dividends (exempt)". It also shows withholding tax on 3 of them, and a "Net total".
When declaring my local interest earned, should I add just the "Local interest voluntary" amount from Discovery...
Dear Tim, Are there any taxes due in South Africa, if my daughter (non SA resident, living in Australia and having Australian passport) donates money (more than ZAR100K) to her parents, and we do not transfer the money to SA and keep them within a bank outside SA (UK or other place) and in different currency? 1. Do we have to declare such a donation on our tax returns and what are the tax complications here? 2. Do we have to declare this account/amount every year in our tax returns and pay some taxes like capital gain tax as a result of Rand depreciation?...
After phoning SARS about an eFiling problem (presently 2015), I was told by the consultant that my tax return for 2013 was overdue. I responded that I hadn't been making anywhere near the tax threshold that year, and that various SARS website material, tax-consultants & SARS consultants over the years had confirmed as much (single source income, no med-aid, no R/A, no travel, no NPO-PBO donations, etc). He responded that everyone had to submit a tax return every year, regardless of how much they...
I'm stuck in the section where I declare the rental income for a house I was renting out. I don't see where I put total I spent on the bond to justify that it was a loss against the rental income and the expenses incurred. Where do I do that?
I filed my tax return on Friday 30 October 2015 and SARS said they are now using a new system and said the they need me to file tax returns from 1991-2003. I can not get these IRP's or medical certificates. What must I do? When I went to file my tax return in 2013 they asked me to get the documents from 2006-2013 and file for each year. I got that documents and filed and paid a R500. 00 penalty. They did not ask for anything else and said I was up to date. This year they ask for 1991-2003. Pleas...
After I have submitted my tax return, I received a letter to submit all my documentation. I've done this and now have received a revised ITA34, where the Interest income is double than what I have received and recorded on my tax return. How do I contact SARS to provide me with further information regarding the assessment, and what steps do I take now if their assessment regarding interest income is incorrect?
My deceased husband's employer still pays my full medical fund contribution. They do not issue an IRP5. My Medical Fund declares my contribution as R34460. My income (as pensioner from a different company) does not declare this medical contributions. How or where do I declare this contribution (income?) from my late husband's company?
I have not filed a tax return for three years even thou I have been employed and did previous tax returns however I do earn below the 350 000 threshold. What do I do to be compliant and what kind of penalties would I expect?
I received an IT 3(b) statement from dbXTrackers with a new (wasn't there last year) entry, under Dividend Income, namely, Foreign. Can you please advise what is the correct SARS source code for: Dividend Income / Foreign?
My wife and I are both citizens of UK, permanently resident is South Africa. We are both about to draw our deferred UK state pensions, and we intend to commute the deferred portions for cash, roughly R500 000 each. Is there any tax liability in South Africa?
Hi. I started helping people in gardens doing gardening jobs 4 years ago. It was very still in the beginning doing about 8 jobs a month and just surviving. I now have more clients and want to know if I must register a company and what about the previous years of earning something. Must I pay a penalty.
I would like to know whether late payment of license disks for company cars and the related fines and penalties are vatable, that is, can you claim input tax on the penalties and fines incurred to the traffic department?
I have been living outside of South Africa for longer than 2 years. I have been investing money outside of SA. The currency is USD. Do I need to declare this investment in my tax return. The money was earned outside the country, and I have not yet tax returned to SA.
My girlfriend and I are planning on getting married and as part of this we would like to know if being married In Community of Property will affect the tax applied to any investment income I currently earn. Ideally once we are married I would like to transfer half of my current investment into her name so that we both earn interest separately (in order to pay less than half of the current tax I'm having to pay on the interest as the amount would then push us into lower earning bands?) however I'm wondering if this would then have the tax benefits that I think it would?...