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Capital Gains Related Posts - Page 13


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Capital Gains Tax - when to pay?

Posted 17 July 2014

How long do you have to pay capital gains tax after disposing of a house?

Can you claim for personal legal taxes?

Posted 15 July 2014

I have incurred legal costs for my parents who are dependent on me for support. This was done in my private capacity and there is no capital gain for me from it. Can I claim for this in my tax return?

Do I need to record capital gains on investments (4250) or local dividends?

Posted 13 July 2014

Hello

I'm currently completing my tax return using TaxTim.

I am unsure as to whether I need to record capital gains for unit trusts (SARS code 4250) or local dividends. I couldn't find a place to record amounts associated with these codes when working through the TaxTim wizard.

Any help would be appreciated.

Thanks.

Can I claim tax against amounts spent on my building of my home?

Posted 10 July 2014

I would like to know if a person can claim tax against the amount they spend on building a house?

Where to I add IT3b and 3c information on ITR12?

Posted 9 July 2014

My mother is 74 years and does not work nor contribute to an annuity. She receives interest at Investec, Finbond, Absa Moneymarket and Satrix. She received only IT3b and 3c's. No IRP5 or IT3a. Father passed away January 2014 and she only received pension since March 2014. Incurred medical expenses. Where do I ad the IT3b and 3c information on ITR12?

Can renovation costs be considered maintnance costs?

Posted 5 July 2014

I use my home as a home office and to this end, claim office expenses (15% of household expenses such as levies, electricity, insurance etc). I did some major renovations during the last tax year, can I claim a portion (15%) of these renovation costs as a maintenance cost?

Tax claims

Posted 5 July 2014

I would like to know if it is possible to claim back on transfer and bond registration fees when we bought a house in 2014 tax year?

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

Posted 29 April 2014

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

Posted 4 April 2014

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

Do I pay tax on profits from Forex trading?

Posted 28 March 2014

I am a South African resident. I am a full time forex trader (almost a year now). I trade via a broker overseas, I deposit funds into my trading account via their bank accounts here in South Africa. I would like to know if my profits from trading forex are taxed, how do I declare this and what forms should I fill from sars. Also, what can I expect in terms of what percentage of tax I will pay.

Deemed disposal of assets after being away from SA for work?

Posted 14 March 2014

I have been given the advice that I would automatically be considered a non-resident if I spend more than 183 days and more than 60 consecutive days outside of South Africa by SARS and would therefore have my tax status changed to non-resident. SARS would then deem my assets as sold (even though I have not actually disposed of them) and I would be liable to pay CGT.

Is this the case?

Foreign Dividend Exemption - how does it work?

Posted 3 March 2014

What is the foreign dividend exemption for the 2012, 2013 and 2014 Tax years?

Can CGT be deferred in this instance?

Posted 27 February 2014

As a pensioner I have sold 2 flats that were getting too difficult to manage long distance. I have re-invested the proceeds in ETFs. Both these instruments were/are meant to be sources of retirement income. Do I have to pay CGT or can it be deferred until I draw from my ETFs?

Type of tax to be paid and how?

Posted 26 February 2014

If I invest a lump sum in a diversified portfolio of shares, bonds and property and plan to earn an income from the capital, say R100 000 a month which type of tax would I pay and how?

I was living abroad for a couple of years studying and working, do I need to do a return?

Posted 24 February 2014

I was wondering, I've been a student for the last 2 years in the U.K and worked during the third earning less than about 170,000 rand. Whilst I was studying I visited South Africa for about 2 weeks to sell some land at a loss, would I need to do a return this year as I was principally overseas? I have never worked in South Africa prior.

Deductions on rental income - what is allowed?

Posted 21 February 2014

When doing deductions from rental income, for tax purposes, please advise which of these are deductible:
1) Monthly service fee charged on the bond;
2) Special levies raised for: Water meters (each unit is to have its own water meter, as per municipality); carports (I doubt it, as this is of a capital nature, but please confirm); garden tools.

SARS wants me to submit supporting documents, but the document list is empty

Posted 20 February 2014

I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...

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Is CGT payable as the plot was bought with the intention to build a house?

Posted 10 February 2014

I bought a plot 20 years ago with the intention to build a house. Due to financial constraints I did not build nor purchase any other property. I have now sold the plot and purchased a house in much cheaper area

Am I liable for CGT on the sale of the plot?

Proportionate share of cgt

Posted 9 February 2014

How do I calculate Capital Gains Tax where 3 people own the property (35.5%, 35.5% and 29%) but only the latter 2 of them have primary residence?

Which property is my primary residence in SARS' eyes?

Posted 7 February 2014

I have just found a flat that I would like to buy (I already own one flat).

I was wondering how SARS determines what your primary residence is if you have two properties? Apparently if you sell your primary residence, you have a capital gains break of R1mil, but what's to stop you moving into your second property just before selling and claiming that it is your primary residence?

I have learned that I need to take tax into account with every decision!

Capital gains tax on inheritance and selling of fixed property.

Posted 5 February 2014

If I inherited a holiday from my uncle who passed away in 2013, and I am selling the home in 2014, what will my personal tax implications be? The value of the home at date of inheritance was R820,000 and the selling price of the home will be R1,100,000.

Am I a tax resident if I own property in south Africa even after having left in 2006?

Posted 31 January 2014

I left South Africa in 2006 to work overseas and visited the SARS prior to leaving the country. I was told I do not need to do anything further regarding tax. I returned for a holiday in 2008 and also bought a property in 2008. I was also told that any earnings I transfer to my South African bank account will only be taxed if I earn interest of 100 000 rand per year. I want to know if I own property am a tax resident? do I need to pay tax?
the property I purchased is not rented.

Is rental income from my primary residence taxable?

Posted 24 January 2014

Occasionally I rent out the spare bedroom in my primary residence. I'm not running a guesthouse - it's just a way of making a tiny bit of extra income and meeting some interesting people. I don't often have people staying - maybe for a total of 30 days out of the year. Do I need to declare this as "rental income"? If so,
1. What expenses can I claim against this income?
2. Where do I put it on my return? I'm already using the section "Local business, trade and professional income" for ...

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How will proceeds of shares sold to protect capital from an unstable market be taxed?

Posted 23 January 2014

Over a period of several years I was given about 25000 of my company's shares as performance awards and options. Usually I had to wait 3 years before I could take delivery of them but when I retired in 2012 the last of them became available to me immediately and I took delivery by the end of May 2012, planning to keep them indefinitely for their dividend income. In December 2012 I was worried about the US fiscal cliff situation and decided to sell them and have since kept the proceeds in a Money...

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Capital gains tax on share portfolio?

Posted 16 January 2014

I have a stock market share portfolio. I have received a summary of capital gain for the 2013 tax year. Do I declare this gain even though the gain is still in my portfolio & not in my pocket? The amount is not shown on the IT3b as is the interest & dividends.
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