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

  Written by Marc   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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Must a capital gain be included in the first provisional return for the year when the gain is made?

  Written by Marc   Posted 23 June 2015

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.

Tax implications of trading Equity, Bonds, Derivatives, Money Market and Forex.

  Written by Marc   Posted 23 June 2015

What are the Tax implications of trading the following asset classes Equity, Bonds, Derivatives, Money Market and Forex.

Can I submit invoices for building material?

  Written by Marc   Posted 23 June 2015

Can I submit invoices of building material I bought for renovation to my house?

Am I liable for capital gains tax on the proceeds I received from selling the house I stay in?

  Written by Marc   Posted 23 June 2015

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?

Maintenance expense on rental property

  Written by Marc   Posted 23 June 2015

I own a property that I rent out for the last 30 years and the perimeter fence is damaged beyond repair . Can I claim the cost of the new fence as a maintenance expense. Thanks

How does the primary residence exclusion work when there is joint ownership?

  Written by Marc   Posted 23 June 2015

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?

Calculate CGT in my company for tax purposes?

  Written by Marc   Posted 23 June 2015

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?

Help with tax calculation a and audit of my business

  Written by Marc   Posted 23 June 2015

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

Are legal fees when you buy a house deductible?

  Written by Marc   Posted 23 June 2015

I bought a house and obviously had to pay lawyers fees (2 sets) to do the transfer, etc. Can I include this as a deduction in my tax return?

Capital Gains Tax - is it applicable to an immovable property acquired before marriage?

  Written by Marc   Posted 24 May 2015

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

Deduction for SARS tax returns?

  Written by Marc   Posted 24 May 2015

For my deductions what documents do I need to have all ready

medical aid contributions
RA/provident fund contributions
invoices for any Cell/laptop/equipment required for work that was not remunerated back to me

and what else ?

Selling software and rights taxation

  Written by Marc   Posted 24 May 2015

I have been developing and maintaining various software throughout the past 4-5 years, I earn a income on the sale of 1 year licenses of these software and declare it as part of my normal monthly income and pay normal income tax on this. I have however been approached by a company wanting to buy the software and all the rights to it from me, how will taxation work on this? I am already being taxed to oblivion and beyond on the sales as I declare it as part of my normal income, would hate to have...

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Capital gains tax on sale of house?

  Written by Marc   Posted 24 May 2015

I bought a house in November 1999 for R275,000. It was my primary residence up to November 2014, since then I rented it out. If I sell it now for R1,000,000 what will the basic cost be? And the capital gains tax?

Refund on building costs as a non resident South African Citizen?

  Written by Marc   Posted 17 May 2015

I am a non resident South African citizen working and living abroad in Saudi Arabia for just over 6 years. I visit South Africa at least 3 times a year for periods of either two to three weeks at a time. Last year these visits where in April then May then July. My question really relates to my current property in South Africa. I am renting the properties out however and have had various renovations done. I would like to ask as a non resident can I claim back the VAT on this for example I had gat...

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PROPERTY OWNED BY A CC - WHAT IS BEST, SELL THE CC OR THE PROPERTY

  Written by Marc   Posted 21 April 2015

What is best from a tax point of view when selling property (vacant land selling price R1. 5m) owned by a CC: 1. Sell the property out of the CC, or 2. Sell the members' interest

Submission Date for ITR12 to SARS?

  Written by Marc   Posted 6 April 2015

I started working for a employer last year (October 2014) and only became full employed on Jan 2015. When would my tax submission be? On being fully employed I gained medical aid and pension fund.

Informing SARS of Inheritance or donations received from overseas?

  Written by Marc   Posted 6 April 2015

I am a SA tax resident. What is the process regarding informing SARS if I receive inheritance or a donation from an offshore relative into my offshore account? Also do I need to pay any tax other than CGT going forward?

Am I correct in what I propose doing?

  Written by Marc   Posted 2 March 2015

I have dual citizenship. I have resided in the UK for the last 5 years with my children. Income from living annuity is being limited to 3%. I plan to sell my shares over 8 years and remit the proceeds together with the annuity to cover my living expenses and then increase my annuity to cover future shortfalls on my living expenses. I am 75 years old. My intention is to keep my taxable income below the tax threshold. I pay 15% WHT on dividends. I earn no income from any other source in South Afr...

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Important tax enquiry?

  Written by Marc   Posted 23 February 2015

I bought land and built a rental house. I have upfront fees which appear on the pro Forma account of the transferring lawyers. Such expenses are :

Registration fee. 6 months Municipal Rates upfront. Rates clearance certificate fee. Transfer duty. Deeds office registration fee. FICA verification. Lodging agents fee and postage. Sundry expenses (phone calls, postage, file storage fee, printing, photocopying, emails and faxes). Fee for consent to transfer from HOA. Paid management for HOA consent and levy figures...

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What are the tax implications of transferring shares without selling them?

  Written by Marc   Posted 23 February 2015

If one were to transfer shares in a listed company from person (a) to person (b) without selling them is the only tax implication the STT (securities transfer tax) of 0. 25% of the value? Does person (a) have any other tax implications? and when person (b) sells the shares what would the base cost be? (the same as person a's cost or 0 as person (b) did not pay for the shares)

Can we deduct loan payments ans taxi fare expenses?

  Written by Marc   Posted 16 February 2015

Hi TimI would like to know if a private company can deduct a loan repayment which was utilized in the production of income, the proceeds received and receivable, of which have been included in gross income. Furthermore, can the company also deduct other miscellaneous expenses such as taxi fare and so on. Thank you.

Do I pay tax on my buy to let property inspite of being a tenant in someone else's property?

  Written by Marc   Posted 11 February 2015

I own a property that I rent out but I am also a tenant to someone in someone else's property. Once the buy to let property is paid off, am I still obligated to pay tax on the property I own or is this considered a primary residence?

When primary residence becomes secondary residence, what happens to capital gains tax?

  Written by Marc   Posted 2 February 2015

I bought my flat 7 years ago for R1 million, and it's probably worth R2. 5 million now. It's been my primary residence up till now, so I know I won't pay capital gains tax on it if I sell it right now. But what happens if I instead buy a new house to live in, and keep my flat to rent out (so it becomes my secondary residence)? Say I sell the flat in 3 years for R3. 5 million. Would the capital gains tax be calculated by subtracting R1 million from R3. 5 million to get R2. 5 milli...

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How to calc and when to pay CGT on a once off payment?

  Written by Marc   Posted 28 January 2015

received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:...

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