Waiting period for retirement from GEPF?
Posted 18 April 2017
How long does a retirement file from GEPF take in SARS for a pay out date? I took my retirement claim at GEPF and completed all forms they gave me but I have waited so long with no reply.
Which costs are deductible prior to receiving rental income?
Posted 17 April 2017
In respect of a second property that one rents out, starting off, can one deduct the following for personal income tax:
(1) Bond transfer fees and registration costs;
(2) Costs incurred on repairs to the property in the month prior to receiving the 1st rental for the property?
How to make changes after submissions?
Posted 13 April 2017
I submitted my 2016 tax return using my actual cost on my travel expenses. How can I have it changed to fixed cost as my business travel was about 16000km whilst my actual cost was only R399.00? My tax return was audited by SARS and I've disputed on these grounds several times as well as gone to SARS twice. I've been told that it's possible to have this changed and the consultant at SARS has requested it be done on their system but no change so far. The latest statement still reflects only R217,...
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Minimizing tax liability
Posted 13 April 2017
At the end of the current tax year my taxable income will exceed R1.5 million largely due to income from an employee share option scheme. My income comprises salary only. And from the normal statutory deductions I contribute to a retirement fund and retirement annuity. Apart from maximizing my contribution to retirement funds, how else could I reduce my tax liability?
International special stopper
Posted 13 April 2017
I live in Australia and work for a South African Company I did submit my tax return on time, but I'm still waiting for my refund. They told me that I should visit the nearest SARS branch as there is a special stopper on my account, but there's no SARS branches in Australia - do you know of an alternative solution?
Earning between R20 000 and R1 Million on Forex Trading every week
Posted 13 April 2017
I'd like to find out if I pay myself R20 000 to R1 Million every week, do I have to register as a taxpayer or do I use the existing tax number that I use as an employee in another company?
Grandparent paying school fees for grandchildren?
Posted 11 April 2017
Is it allowed for a grandparent, who's South African, to pay his South African grandchildren's school fees without it counting as a donation?
Income from overseas
Posted 10 April 2017
My wife does some occasional freelance work for a company overseas. As well as here in South Africa.
Her local freelance brings in about R3500 per month. She doesn't currently pay provisional tax as the amounts are too small. She's recently taken on some international freelance work that amounts to
about R10500 every second month or so. What are the tax implications of the international income?
Does she need to declare it and can she declare it as a donation?
How can I depreciate my small business equipment if I dont have invoices?
Posted 9 April 2017
I have a mobile phone; laptop; tablet and home office furniture which I use for my small business. I bought them four years ago, but I've never depreciated them because this is my first year of business. Can I depreciate them now even if I don't have the invoices anymore? And, if I don't depreciate them can I just record it as a company asset? These IT equipment were bought second hand and some are old.
Capital gains tax or income tax - forex trading
Posted 9 April 2017
What's the difference between capital gains tax and income tax? Which of the two does retail forex trading fall under?
Legal methods for reducing commission tax?
Posted 7 April 2017
I work in IT and I get paid my normal salary every month and on occasion. I'm also involved with projects where I earn commission. I don't actually know how my commission is calculated, but I'd like to know how I can get more of my commission paid to me instead of being taxed so highly. My Minimal expenses are i.e. calls and some driving around but I don't claim for it because it's usually a very small claim.
Emigrating and tax affairs
Posted 6 April 2017
What does SARS need to finalise tax affairs when emigrating? All my local income will come to an end once I leave.
Capital Gains Tax: Two
Posted 5 April 2017
I bought a house in December 2013. In November 2015, I bought a second house and it was registered in my name, February 2017. The intention was to let out the first house, and we moved March 2016, with the first house now being empty. However, in the meanwhile, I decided to sell the first house. I haven't had any tenants staying in the first house, it has been empty for a month now. We stayed in the first house since I bought it, for over two years. Will I be liable for capital gains tax, or wil...
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Tax clearance certificate for a non-resident
Posted 5 April 2017
A non South African citizen brought money into South Africa, bought a house and sold it recently. She needs a tax clearance certificate. How does she get it as she has no tax number?
CGT on primary residence (if it has been let out - also my only residence)
Posted 4 April 2017
What CGT would I be liable for if my primary residence is my only residence - but rented out?
Tax implication on Voluntary Severance Package
Posted 4 April 2017
What will my tax be on my pension R776000.00 and what will my tax be on my voluntary severance package R342000.00
Splitting medical aid contribution on a tax return
Posted 4 April 2017
I'm the main member on our medical aid and the R3500.00 contribution gets deducted from my account. However, my husband reimburses me for his half (R1750.00) and essentially we each pay for our own medical aid. To what extent can we each list a medical aid contribution of R1750.00 on our tax return?
When can a taxpayer claim the tertiary tax rebate?
Posted 4 April 2017
If a taxpayer turns 75 after 1 March 2017, does he/she get the benefit of the tertiary rebate in the February 2018 tax year, and does he/she have to already be 75 at the start of the tax year which would mean he/she can only get the rebate in the 2019 tax year?
Can register for tax without an ID?
Posted 4 April 2017
I want to register for a tax and it's urgent. I lost my ID and my driver's license too.
Income Tax on Dividends
Posted 4 April 2017
When receiving a Dividend from a Company (as a Shareholder). The Shareholder is taxed at 20% of the value on the dividend paid. If you're also earning a regular salary and paying PAYE monthly, would such dividends paid, be subject to additional Income Tax?
So, basically, would regular Individual Income Tax also apply on the dividend again after paying the 20% Dividend Tax?
NGO and Paying Tax
Posted 3 April 2017
In which circumstances will a non profit organisation pay tax?
Company Taxes (Income, PAYE, VAT etc) Registration
Posted 3 April 2017
Please advise if you're able to assist with registering our company for all relevant taxes and what the cost will be?
Paying a nanny- is it claimable?
Posted 2 April 2017
If you have a nanny can you claim for the wages you paid to her?
How do I calculate the municipal expenses on rental property without previous statements
Posted 2 April 2017
I cannot locate all my past municipal statements for my rental property, I need them in order to log the rates etc. as an expense. I've tried accessing them online, but they only sent the last bill.
SARS Refund and sequestration
Posted 2 April 2017
Why do I need to disclose my income tax number in my sequestration court application? Does this mean that I will not get any SARS refunds due to me whilst under sequestration?
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