Tax thresholds and married in community of property

  Written by Nicci   Posted 28 January 2016

I am a provisional tax payer 66 yrs of age & married in community of property my income is derived from an annuity & interest from fixed deposits, what is the maximum I can earn before I pay tax.

As the sole employee and director do I have to pay PAYE or can I pay provsional tax bi-annually?

  Written by Nicci   Posted 28 January 2016

I am an independent consultant. I have been operating since June 2015 and have been paying myself a salary and deducting PAYE
I have recently found out that I must be a provisional tax payer as well
Since I have started in June and have not deducted any expenses to arrive at my taxable income, it appears that with 2 months to go I have overpaid my tax significantly
from a cash flow perspective, I will only receive my refund around July/August
Am I able to not pay PAYE for the...

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How to get tax fer no. & SDL ref no.

  Written by Marc   Posted 28 January 2016

What is tax reference number & What is SDL ref no.? I am a teacher,where do I find them? Tax clearance form needs me to fill it in.

What is considered Other income earned (excluding dividend

  Written by Marc   Posted 28 January 2016

What is considered as Other income earned (excluding dividend ):

Tax and emigration

  Written by Marc   Posted 27 January 2016

As someone who was born in South Africa and have always resided in South Africa what are the tax implications if I decided to emigrate? Is there an exit tax?

Tax implication on Buying Namibian property and Rental income from Namibia

  Written by Marc   Posted 26 January 2016

What is my tax obligation/implication when firstly, buying a property in Namibia and secondly, after building on it renting it out and earning rental income on a monthly basis. I am an employed SA citizen. How do I declare this on my tax return

CGT on deed of sale or on date of transfer of property

  Written by Marc   Posted 26 January 2016

I sold a rental property in my personal capacity and the deed of sale was 22 January 2015 but the deed of transfer was 6 months later. When am I liable for CGT? Tax year 2015 or 2016?

Give me an example please R500 p/m x 30 years

  Written by Marc   Posted 26 January 2016

I have a retirement annuity with Momentum. I only pay R500 a month and want to know on the day I retire if 2/3 will have to be reinvested in a annuity (to pay me interest every month) or if there is a certain threshold whereby I get 100% out on the day I retire?

On SARS website the use the wording "annuity interest lumpsum" which tells me its on the "interest" part on where you might get something back.

Tax payable on unit trusts in us $ when converted to cash

  Written by Marc   Posted 26 January 2016

Tax payable on unit trusts in US $ WHEN CONVERTED to cash

Capital gains tax on property

  Written by Marc   Posted 25 January 2016

I have sold property and would like a estimate how much CGTi I must pay.

Interest free loan from parents

  Written by Marc   Posted 21 January 2016

My parents are lending me R500k to assist in purchasing my first apartment. This is an interest free loan and we have a loan agreement that specifies that I have a set minimum amount that I have to pay on a monthly basis (therefore I would not deem this a donation). There is however no set period for the loan as I may be able to pay more than the minimum amount. The loan agreement has been vetted by a lawyer. My folks are over the age of 65 and the money will be deposited straight into the attor...

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Detail required on tax payable on property donation

  Written by Marc   Posted 21 January 2016

My father has an un-bonded property (house) which he wants to donate to me (his son). 20% tax is payable on the value. When and by which individual is this payable? How is the property valuated, and by whom?

Vehicle Finance - should I be noting my monthly vehicle installment on tax return

  Written by Marc   Posted 20 January 2016

Finance / Other Costs - Travel Allowance

Hello,

just to confirm the vehicle I current use for business travel is financed - would this be where I enter my monthly finance installment or is this not supposed to be noted on a tax return?

Travel

  Written by Marc   Posted 19 January 2016

If you are self employed and pay provisional, can we use the SARS tables or are we required to give actual costs.... I. E. Fuel repairs...,,
If we are required to give actual cost can we claim back finance repayments or the interest only, aswell as 20 % depreciation...

Vehicle repayments

  Written by Marc   Posted 14 January 2016

Hi Tim I am a solely commissioned based earner for one company can I claim vehicle repayments

Site allowance claim

  Written by Marc   Posted 13 January 2016

i work in construction and stay out for long periods. My company pays me a site allowance(shown on payslip)
i use this for rent food and travel. Can I claim back?

Allowable deductions from rental income

  Written by Marc   Posted 12 January 2016

I did some renovations to a rental property between tenants. I replaced the carpet with tiles, replaced all the kitchen cupboards and the oven, and repainted. All of these renovations were specified in my rental contract with the new tenant - she viewed the unit before the renovations, and we agreed that they would be carried out before she took occupation. Which costs can I deduct as expenses in the production of the rental, or must I add all of the costs to the base cost of the property for pu...

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Independent Contractor Setup

  Written by Marc   Posted 8 January 2016

Hi TaxTim

Great site!

I need guidance on what is required ito independent contractor (IC) tax & vat requirements. 1) If trading through my PTY LTD company as an IC, do I pay companies tax as well as personal income tax?
2) Do I deduduct all claims and deductions (medical aid, RA) prior to paying over tax, or only when I reconcile/ file tax?
3) How many times a year do I need to file tax returns?
4) Do I need to setup PAYE and UIF?
5) Income will exceed R1m per year, so vat should be registered. If true, When do I pay vat over to SARS and what paperwork is involved?...

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R7500 SALARY BONUS R4000 WHAT TAX WILL I PAY

  Written by Marc   Posted 6 January 2016

My monthly salary is R7500 I am 54 years old, I am getting a bonus of R4000 the end of January 2016 month, please advise that my take home amount will be after tax

Declaring Foreign Income

  Written by Marc   Posted 6 January 2016

Do you need to now declare your foreign income in your tax return? I work and live in Dubai and only tax return to South Africa once maximum twice a year for a maximum of 30 days. I file a tax return every year declaring my rental income and local interest from South Africa, but I do not declare my foreign income as I am out of the country for more than 184 days which 61 are consecutive.

Capital Gains Tax / Primary Residence

  Written by Marc   Posted 6 January 2016

I would like to sell a rental property of mine. How long do I have to go an stay in the rental property, before it can be classified as a primary residence with regard to Capital Gains Tax?

How do I avoid double taxation between RSA and the USA?

  Written by Marc   Posted 5 January 2016

I just invested in a Global Property index fund held under a tax-free savings account. I believe this is exempted from SARS 15% dividends tax. The IRS tax rate for foreign investment goes as high as 30%! Is there a possible chance that I may be taxed twice, dividends tax and then capital gains tax, when I sell and bring over the amount back in South Africa?

Car allowance claim

  Written by Marc   Posted 5 January 2016

I have submitted my tax return. Was audited and my car allowance claim excluded as they requested the purchase documentation for the car. Apparently they tried to phone me couldn't get a hold of me and then finalised it without the documentation. My question is. The car was purchased and registered in my husbands name. We are married in community of property. The insurance is in my name. He pays for the car and myself the insurance. Will that be a problem?

When one spouse married (ICOP) does not file a tax return can the other spouse be held liable?

  Written by Marc   Posted 4 January 2016

When married in community of property can one spouse be held liable by SARS if the other spouse files their tax return late or simply does not file their tax return?

Residency and Holiday Allowance Mistakes

  Written by Marc   Posted 4 January 2016

I am 69 years old an SA Permanent Resident not a Citizen. I am a UK Citizen. South Africa is my normal place of residency. But I sold my house in South Africa in October 2009. I took out this money as a holiday allowance in January of 2010 in Travellers Cheques. I did not close my South African Bank Account (holiday not leaving)
Because I am 69 and worked in the UK before coming to South Africa I receive a UK State Pension. I have the UK pension paid into a UK Bank account which I opened in Jan 2010...

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