I have some rental income that I would like to invest monthly in my fixed deposit. I know I must pay tax on both the rental income and the interest earned but when? I have to fill in a tax return twice yearly as a provisional tax payer. If the rental income and interest is fixed into the deposit account and I am not allowed to withdraw money, how would I go about paying the interest? Should I keep funds separate specifically for this in another account.
I have some rental income that I would like to invest monthly in my fixed deposit. Do I pay tax on the rental income and the interest yearly? I am a provincial tax payer which means I have to predict my income?
I am self employed and only earn about R12000 per year. However I earn about R200000 per year in interest from savings accounts. Can I put 27.5% of my total income (Earnings and interest) into a pension fund per year or only 27.5% of the money I earn through working?
Good Day, this is my 2nd question in as many months. Hope I am not overdoing it but this item will be of interest to many and any suggestions you may have will be greatly appreciated by myself. I am 80 years of age and have been retired for 20 years. A significant portion of my pension has been tax free for 20 years as the result of it having been earned whilst I worked outside of RSA. Yesterday (2. 2. 17) my pension administrators advised me that as from 1. 3. 17 the tax free portion will be ta...
SARS used my pension lump sum to pay my administration penalties balance. I have however since this submitted the returns and SARS now owe me an amount. Do you perhaps know how long this could take, as I called them yesterday and they said that all queries on my account was finally resolved.
Naturally when extra income is generated, fair enough, tax must be paid. I have seen you address the Forex trading profit questions from taxpayers but no case of forex trading losses. How does one address Forex trading losses in a personal tax return?
Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...
Is there any way to fill in tax returns from 2011-2015? I have been able to successfully file for the 2016 tax period. For the period from 2011 to 2015 as was a salaried employee and had no other additional income. My income tax over the period was fully paid as my employer was responsible for paying this directly to SARS. Is it possible to file for previous years? Are there likely to be any penalties, and are is still possible to claim for previous deductions such as pension fund contributions ...
We rent out our holiday home and make a loss as the maintenance and interest is always more than the rental received. SARS has now decided to ring fence this loss. Is this possible as going forward we may always run at a loss as our bond is high?
Good Day, I want to send out a statement to a client. And I need to ad interest on the outstanding amount. Should I calculate the interest on the non-vat amount of the invoice, or should I charge interest on the full outstanding amount (That includes the VAT)?
I have purchased a compulsory guaranteed annuity from a life insurer with funds which were transferred from a living annuity with another life insurer. The living annuity was also due to a compulsory annuity purchase. The SARS source code being used for the monthly income from the compulsory guaranteed annuity is 3611. Is this correct as is this code not only applicable for the taxable interest from a voluntary annuity? If the source code is incorrect, what should it be?
Rental income which I have declared. The bond repayments, is that part of expenses? What about the extra R1000 which I put towards the bond repayment? Where does this fall? I did not enter it at all. Please help
An inheritance is received by a South African resident following the death of a family member in the UK. The bulk of these funds remain in the recipient's bank account in the UK, with some funds being transferred from time to time, when needed. How is this situation viewed by SARS? Is it necessary to declare this foreign asset together with the annual interest, bearing in mind that the funds originated in the UK, and as a result of an inheritance
My wife and I (married outside of community of property) jointly own a property (50/50). We rent this property out, and receive a rental income in doing so. The lease agreement with our tenant lists both myself and my wife as the lessors. The rental payment from the tenant is made into my own bank account, from where it is balanced into my wife and I's joint monthly household budget. There are also monthly expenses associated with leasing our property, such as maintenance, services, and bond int...