Donations tax to my sister

  Written by Marc   Posted 23 February 2016

Hi Tim I recently bought my sister a car to the value of R150k, do I pay 20% donation tax on the full amount?

Am I a provisional tax payer if I am fully employed by a foreign Co but permanently reside in SA?

  Written by Nicci   Posted 22 February 2016

I have taken the test to see if I need to be a provisional taxpayer and it states that I should not. However, I am employed by a London-based organisation and am permanently resident in SA. I get a payslip every month and am on a permanent contract. I dont pay tax in the UK and SARS advised that I should do so as a provisional tax payer. Is this correct?

If I start a small psychology private practice after hours will I need to register for tax?

  Written by Marc   Posted 22 February 2016

Hi there, I'm starting a psychology private practice to build experience. I am already employed as a psychologist by a company but I want to add to my experience. Would I need to register for additional tax if I only plan to a couple of patients?

Declaration of interest earned on Fixed Deposit investments for tax purposes

  Written by Nicci   Posted 22 February 2016

Good Day, my question relates to the declaration of interest accrued (but not necessarily paid) on Fixed Deposit investments for income tax purposes. I am a provisional tax payer and prefer to pay the tax in the tax year in which the interest is earned. For example, if I start a 24 month fixed deposit on 1st January 2016, maturing 31st December 2017, interest (simple) payable at maturity then is it permissible to declare the interest as follows assuming for simplicity that interest accrues at R100. 00 per day:...

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Tax on Foreign Pension

  Written by Nicci   Posted 22 February 2016

Hello Tim, I am working outside of South Africa and for a US based company. I am more than half the year outside SA and one stint is more tham 60 Days. I have money in france which was part of a pension/savings plan from my previous employer. I paid 6 percent and they paid 6 percent each month. I want to bring this money back into SA, what do I have to declare? As all of this money were part of my salary that was invested while working abroad. All of it was invested in stocks.

Do I include the share scheme portion of my annual bonus for provisional tax purposes?

  Written by Nicci   Posted 19 February 2016

My question is about what to include in 'Turnover' from provisional tax purposes. If my annual bonus is partially cash and partially invested into a company share scheme, do I have to include the full amount in Turnover?

Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

  Written by Nicci   Posted 19 February 2016

I have bought a second hand car for an amount of R168000 in cash, 3 months later I decided to sell the car as it is not being used often for an amount of R215000. Will I be liable for capital gains tax on this?

Capital gains tax on shares sold and reinvested

  Written by Nicci   Posted 19 February 2016

I sit with a case where a person sold shares of an equity portfolio and re-invested the amount into another investment plan fund. Is the person liable to pay capital gains tax on the portfolio sold?

Tax question on medical aid and correction for SARS

  Written by Marc   Posted 19 February 2016

I've just got back and seen the email from SARS. I have a few questions. 1. I made a mistake on the foreign Income, as it was through the business and not my personal account. I was busy doing my business accounts while filling in my personal tax and got confused. 2. My medical aid was paid by my previous employer. They forgot to cancel my medical aid and have asked me to pay them back for that year. I received a tax certificate from my medical aid so do I still qualify to claim tax from that?

Does C.G.T. apply to the sale of offshore assets held by someone living in SA?

  Written by Marc   Posted 18 February 2016

Does C. G. T. Apply to the sale off shore assets held by someone who is a permanent SA resident but not a SA citizen?

What are the tax implications of share options?

  Written by Nicci   Posted 18 February 2016

I have an opportunity to exercise options for an unlisted, US-based company. The purchase value of the options will be around $5400 International holding tax of about $4881. 53 so I need to understand what would be expected in terms of a SARS payment. I plan to hold on to the shares.

What is a Members Loan Account?

  Written by Nicci   Posted 18 February 2016

I have a small business and I had an accountant that did my accounts for me. I have noticed that he put in a members loan account under Equity and Liabilities. I am not sure what this means and where he would have received the amount from. Please can you help explain what the members loan account means?

Capital gains or Income tax

  Written by Marc   Posted 17 February 2016

Bought shares for R5000. 00 in 2008
Opened a share trading account in 2015. No of shares was 187 and the value was brought in as 187 x R1854
R346698. Sold in 2015 for R1822. 00x187
Also bought other shares which is share trading. Is this Capital or income

ITR 12 or IRP6?

  Written by Marc   Posted 17 February 2016

First of all I do have a tax number after working for an investment company a couple of years ago. I then resigned there and for the last three to four years not needed to pay tax. Currently I work for myself receiving three to four different income streams. All under my own name from research to maintenance. My question is: I now have to start paying tax again. The taxing income started on 1 Sep 2016, thus the first six months goes to end Feb. Do I need to submit a ITR12 or IRP6? And which pack...

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Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

  Written by Nicci   Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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Will SARS pay me a refund based on my retirement annuity if I am declaring no income?

  Written by Marc   Posted 16 February 2016

If you are working overseas and are declaring a NIL tax return due to the income being exempt can I still claim a deduction on my retirement annuity?

Should I provide SARS with an affidavit if the requested documentation is unavailable?

  Written by Marc   Posted 13 February 2016

My previous employer refuses to provide me with my 2013 IRP5, which resulted into me paying an penalty amount. I was told that I should provide SARS with an sworn affidavit to prove that one cannot produce the document they requested. Is that true? I would also like to know if you provide SARS with the affidavit, do you still need to pay the penalty amount?

Should the tax rebate be pro-rated for foreigners starting to work in SA (not immigrating)

  Written by Marc   Posted 11 February 2016

I foreigners start to work in South Africa & earn South African source income, say, from February 2016. Will they receive their entire tax rebate for 2016 based on only the 1 month's salary? This would imply that they will obviously NOT pay ANY taxes on a salary of up to R73,650 for the month of Feb 2016. Is this correct or should the tax rebate of R13,257 be pro-rated to 1 of 12 months, because they only worked for 1 month of the 12 in the tax year?

Tax on UK state pensions

  Written by Marc   Posted 10 February 2016

I am a permanent SA resident over 70 years old. I get a small UK state pension that is paid into a bank account in the UK where it accrues. Can I transfer an amount, say 2000 pounds sterling, to a bank account here without paying SA tax?

Pension/provident fund payout after retrenchment

  Written by Marc   Posted 10 February 2016

My husband was retrenched last year November 2015, he is still without a job and his pension/provident fund need to pay out, on you free SARS retirement fund lump sum tax calculator is shows that if you take the money after retirement/retrenchment/death you don't pay TAX on a amount under R500 000. 00, is that correct?

Deduction of finance charges from rental income.

  Written by Marc   Posted 9 February 2016

I have a question relating to rental income from investment property in my personal name. Very simple put, I have R 1000 000 available on my primary residence bond - I would like to utilize this to acquire a rent producing flat. Will I be able to deduct the finance charges incurred on the R 1000 000 from the rental income to reduce my taxable rental income?

LOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY

  Written by Marc   Posted 9 February 2016

i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa
from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks.

Revenue paid offshore

  Written by Marc   Posted 8 February 2016

If a South African company is paid offshore for services rendered within South Africa, is the company obliged to bring the revenue back to SA?
Revenue is reported on in SA, it's just that it gets paid offshore. Bringing it back every month incurs a lot of bank charges, amongst other things. Many thanks

1. penalty - delayed return. 2. submit returns for previous years 3. community of property/customery

  Written by Marc   Posted 8 February 2016

1. What is the penalty for delayed tax return submission?
2. Can you still submit tax returns for previous tax years which were never submitted?
3. What effect does married in community of property or customary law

Monthly provisional tax payment and foreign exempt income

  Written by Marc   Posted 7 February 2016

Context: I am paid by a foreign employer in USD and will be processing tax payments in my own capacity. I understand from previous questions that I should register as a Provisional Tax Payer. I have two questions:
1) Is it possible to make monthly payments to SARS instead of at the 2 periods in time? If yes, how?
2) I will likely have to work outside the country for period of 183 days/ 61 days continuously - how do I go about getting the refund/ processing my tax given this?
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