Dividends Posts in Tax Q&A

If I qualify for exemptions do I still have to register for provisional tax?



If I am a director on a business that makes less than R30k per annum (not getting income from it) and am employed with a package of R500k per annum, am I still regarded a provisional tax payer? Is there an option to deregister?

Declaring Foreign Income



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.

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



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?

Can I opt just to have either my provident or pension fund paid out and to buy an RA with the other



I have both a pension fund and provident fund at my current employer. I plan to resign prior to the introduction of the retirement reform legislation thus before 01/03/2016. Would it be possible for me to have just one of the 2 funds paid out and taxed and to invest the other in a retirement annuity. Also my assumption would be that I would only be taxed on the fund which is paid out. Thanks for your assistance. Kind regards

Will a sev package tax exemption in 2012 affect tax level for early withdrawal in 2016?



I am withdrawing R660000-00 from my Pension Preservation fund. I understand that R25000 is tax free and I will be taxed 18% on the balance. However I was retrenched in 2012 and received a severance package of which the first R315000-00 was tax free as far as I remember. How will this tax exemption of 2012 affect my lump sum pay out taxation rate for 2016? Has the 18% tax rate been used up partially?

Exchange rate gain



Currency exchange rate gain when bringing money back into SA
What is this classed as earnings? Capital Gain Dividend?

Returing to SA from Canada - Do I pay tax in SA on Canadian income ?



I immigrated from SA in 1997 and lived in Canada since - also became a Canadian Citizen
Now tax returning to SA as a resident - lost SA citizenship
Leaving all my wealth in Canada and remaining a Canadian Citizen
My wealth is invest on the TSX
Will buy a home in SA and transfer money as I need it
I will continue to pay taxes in Canada
Do I have to register in SA as a tax payer and pay tax on my Canadian income?

Letting out primary resedence



Getting married, out of community and moving in with her in her house. Want to let out my current residence. Do I have to pay tax, declare. This is the only property on my name. Am I exempt of paying tax on the income earned?

Can I invest more in a private RA if my company makes a contibution to a provident fund



My company makes a 100% contribution to my provident fund, including all fees. On my salary slip, this is shown as a company contribution, and not as a deduction. I understand that there is a tax benefit when contributing up to 15% of my non pensionable salary to a retirement savings scheme. Because the contribution is shown as a company contribution and not as a deduction, does this mean that I still have the full 15% available to contribute to a private RA?

If so, how do I calculate...

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How does RSA Tax work if I am earning abroad



I am currently a teacher in Vietnam, I have been here since July 2015, and have been earning foreign currency. I am about to start transferring money into my RSA account for some debit orders. I would like to find out- how does my tax work if I am earning abroad? I do not want to be penalized in any way. I am a registered tax user and I have enjoyed tax returns every year since 2012.

Unemployed and not paying tax.



I have been unemployed for quite some time. So naturally my income tax return was submitted as zero "unemployed". SARS has requested supporting documents which I have none, not even a IT3B. Can I submit an affidavit stating that I have not supporting documents and confirming that I am unemployed? what are the consequences of doing this, what will I be opening myself up for here?

Is the pension fund exempt or amounts payable from the pension fund to the taxpayer



Receipts and accruals of a pension fund are exempt. Does this entail that the fund itself is exempt or amounts payable from the fund to the taxpayer upon retirement.

Can the offshore tax law dates be changed?



My husband works offshore on a ship for a few years now. We understand about the 183 days out of SA to be exempted from paying tax in South Africa. However, there was 3 months in this year where he had no work, so he might be a few days under the required amount of days needed to be exempted. I have heard that one's tax year does not have to fall under the same dates as the financial tax year? Is that correct? If so, can one use 12 months prior or after those 3 months he was at home, to still ...

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On ITR12 do I fill in local assets/liabilities at cost?



What does local assets and local liabilities (at cost) mean

Do you have to pay CGT with your first provisional tax payment?



We are completing our 1st provisional tax return for our property company, and because we have disposed of properties in the last 6 months, this has triggered a Capital Gain which is payable to SARS (we donā%u20AC%u2122t have any assessed losses which we can utilise). Our question is quite simple. Do you have to pay over the CGT to SARS with the 1st provisional tax payment, or can you defer it to your 2nd provisional tax payment?

Ideally we would like to push this out by 6 months to...

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Delay of refund due to audit and outstanding tax returns from 2005/2006



I have enjoyed many years of good refunds from SARS. ( round about R30 000. 00 per tax year) This year I had an audit and they then issued a letter of completion but flagged my account for an outstanding tax return for 2005 and 2006. With great difficulty I managed to get a copy of 2005 IRP5 but could only get proof of salary for 2006. These years of income were very small and simple as there was only a small car allowance to factor in. I have subsequently been selected for audit again on these small tax returns. My questions are :...

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Query with obtaining old IRP5?



SARS is requesting an old IRP5 which I don't have as its 5 years ago, My previous company doesn't exist anymore. I have contacted the accounting co at that time they also don't have it. Now SARS refuses to pay me out until I get the Old IRP5 from 5 years ago. Please assist how to go about getting this sorted

Alimony for tax purposes?



Do I have to declare the alimony I receive every month from my ex husband

Can't get hold of an old IRP5 and employer does not have it on record.



SARS has asked my wife to do her tax returns for the last 6 years (2008-2015). We have managed to get all the tax returns sorted expect for one IRP5 in 2009. She worked at two companies and has only one IRP5. We managed to get hold of the company she worked for, which is now closed, the family emigrated. They have an IRP5 from 2008, but they cannot find the IRP5 for 2009. They don't have it on any records. What are our options regarding the situation. I did a refresh on the SARS eFiling and noth...

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Can SARS pay the money due to me without submitting IRP5 for 2012?



SARS want both my IRP5 for 2012 and log shit for my travelling, I no longer have the records and my previous employer says they can't locate my IRP5 and they no longer have records for my travelling. How can I access the money that I am suppose to receive for this year tax returns if I don't have these things?

Self-Employed Travel Expenses Deduction



I am a urologist working in an 8-partner practice. We are a partnership, and income and expenses are shared equally. My only income is my share of income from the practice. I have always kept a log book for vehicle expenses incurred by myself in the course of my work and have in the past claimed back actual expenses incurred under "Other Deductions>Travel Expenses (no allowance - commision income)". I did this because each partner is responsible for his own travel expenses. As such, these expens...

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IRP5-2007



Dear TaxTim. Worked in a Government Hospital, resigned in 2006. The following year went to fetch my IRP5 2007 but couldn't be found, assumed somebody took it for me. Now I'm in Gauteng where can I get a copy. I'm being penalised. Thanks

Working abroad



I am working abroad and paying taxes abroad. I'm out of the country for more than 185 days a year as well as 90 days consecutively. How does my return filled in account for this?

Provisional tax or starting a CC?



I am currently employed by a company and earn a fixed monthly salary. I have however started manufacturing and selling goods in my private capacity, completely separate from my company. A typical order would be to the value of R20 000 (turnover), with a total cost-of-sale of R10 000, leaving me with R10 000 profit. I can receiver anywhere from three to twenty orders in a year, with no guarantee of regularity. I have two questions:

1. Do I need to register as a provisional tax payer, or would it be more tax-efficient to register as a sole proprietor or a cc, taking into account the administrative time and costs (paying an accountant etc. )?...

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How do I fill in my tax return for income received for local service from foreign employer



I worked on a local project for an international aid organisation. I did not receive an IRP5. I was paid from an international account. How do I file this income on my tax return?
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