Where is the interest on the bond for home office expenses claimed on the ITR12?

Posted 3 September 2015

Where do I claim the interest on the bond portion of my home office expense on the ITR12, is it under the "rental" section of the expenses?

Please advise on inheritance tax and interest income tax.

Posted 2 September 2015

I am receiving R 800 000 from my uncle, as part of an inheritance. Will I have to pay tax on this. I would like to invest it where I will receive a monthly interest that I can use, will I be taxed on this monthly amount. If so how much?

Are local dividends included in local interest?

Posted 2 September 2015

Do I include my local dividends earned, as listed on my IT3b, to my total local interest earned?

Training debt

Posted 1 September 2015

Hi Tim. I was given functional training by the govt to the tune of R1,2 mil. In return I had to work it back over 13 years as part of the training bond. I left with 4 years to go. I now owe R350k. I will attempt to pay it back in lump sum as the interest they are charging is at prime. When I pay back the money via EFT is this tax deductible?

TAX Penalties

Posted 31 August 2015

I am ready to submit my tax return for 2015. However I see that I had a Positive balance on my tax return, I am told that it means I need to pay SARS, the Value was R 490. 00. How do I know the interest I will charged on this value. No Notification from SARS was received indicating that I owe or that it is owing to them.

Should I submit my late husband's IRP5

Posted 30 August 2015

My husband passed away last year July, he used to work for Fidelity security services. At his work place they sent me his tax certificate (IPR5)should I send it to SARS or what? When does the tax season end?

Earning income outside of South Africa.

Posted 28 August 2015

Hi Tim, Before I start a Tax Return I need to ask a few questions. I currently am working in the UK. I started in July 2014 to date. I submitted a tax return in SA for the 2013/2014 tax year, but my last income was January 2013 (paid tax on a Pension/provident fund early cash out for this period). I keep a current address, and still have a bank account, and assets such as a car, etc in SA. I do not own property. Under what circumstances would I be required to submit a tax return in SA, and if so...

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How much I must pay/be paid?

Posted 28 August 2015

Thank you for submitting your income tax return for the 2015 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -316. 36

Please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any other balances on your account. The current balance on your assessed account is R 4621. 86. For a statement reflecting your final balance (including all amounts payable or refund...

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What expenses can I deduct to calculate my taxable income

Updated 28 August 2015

Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?

Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

Posted 28 August 2015

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...

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What to do when one hasn't filed for the last 4 tax periods?

Posted 28 August 2015

What to do when one hasn't filed for the last 4 tax periods?

Taxation of rental income within a business

Posted 27 August 2015

I own properties in a business with 2 partners, can the monthly bond repayments be deducted from the income generated from the rentals?

Tax payable on savings?

Posted 27 August 2015

What % tax do you pay on interest earned on savings and or fixed deposit.

Purchasing a home for a relative

Posted 27 August 2015

I am considering purchasing a residential property for a family relative, who would stay there and contribute towards the bond repayments. However, I would not live on the premises. From a tax perspective, what is the correct approach to avoid my relative's contributions being viewed as rental income?

Tax for pensioners

Posted 24 August 2015

I am helping someone with their tax. The person is 66 years old and has an monthly retirement annuity payout of R7000 and monthly interest (from investments) of about R4000 that gets paid out also monthly to them. Should a tax return be filed,or are there exemptions? I know the over 65 year olds get exempt of certain amounts for interest earned,but im not sure if that is the only excemption,or is there a total amount of income they are excempt of? Or must you add the two excemption amounts toge...

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Refund on Dividends Withholding tax?

Posted 24 August 2015

I have twins and have set them up with unit trust investments in their own name. The distributions from the trusts are fully reinvested. However the trusts pay out a mixture of interest and dividends etc. On the dividends can I submit tax returns for them to claim back the dividend withholding tax. The interest and capital gains portions are below annual limits. They have no other income as they are not working.

What other documents are needed to hand in with IRP5 at branch or efiling?

Posted 19 August 2015

Hi, what other documents is requiered at the SARS branch whith my IRP5? And do I need it for SARS eFiling as well? Thanks

Must I pay provisional tax?

Posted 19 August 2015

I earn a salary of R5500 per month, I am under 65 years and receive interest and dividends of R25000 per year. What forms must I complete for my tax return? Must I pay provisional tax?
Thank you

Am I and independent Contractor or a Bookkeeper for tax purposes; can I deduct a pc course as an exp

Posted 18 August 2015

I am a bookkeeper for 2 entities with the same directors, but different company and tax numbers. I invoice a fixed fee per month, but split it based on the pro-rate turnover per entity. I work form my study although I also do visit their office especially certain periods during the month - ie mid-month for invoicing and month end to balance the books. Question: Does this mean I am an Independent Contractor? Is this applicable for the 80/20 split as an independent contractor? Do they have to deduct tax from me on a monthly basis?...

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Tax implications on unit trust for a new born child

Posted 17 August 2015

Hi Tim
What are the tax implications if I have a unit trust fund for my child. Do I need to disclose the interest and capital gain on sale in my tax return? Thank you

How to declare foreign income?

Posted 17 August 2015

Hi, I have a small website that generates some commission from clicks on advertisements. I get paid in USD and GBP. The money is wired from Germany directly to my personal bank account and converted into ZAR. I don't own a formal business and it is relatively small amounts that are transferred. I also have a property that generates rental income. How do I go about declaring the income properly on my tax returns?

Equipment depreciation

Posted 17 August 2015

I am a self employed design consultant. I purchased a laptop I use for work late 2012, and have been depreciating it for the last 2 tax years (2013, 2014). My office was recently broken into and the laptop was stolen. Am I able to still claim depreciation on it (2015), even though it is no longer in my possession?
With the insurance payout I have replaced the equipment. Am I able to claim the full amount of the new equipment, or only the difference between payout and replacement cost?

What to include as taxable income for provisional tax calculations

Posted 13 August 2015

When calculating "taxable income" on an IRP6 should one include
- expected investment interest ?
- expected investment share dividends ?

Thank you.

Audit because they neglected to inform me about previous tax year

Posted 13 August 2015

I got penalties for 2007 when I submitted my tax return for 2015. The consultant did say that I must complete a form to lift penalty for they neglected to tell me when I was at the offices in 2011. The problem now is that I recieved a sms stating that I am audited for 2007.. If I cant get any original documentation, what can I do? I there any way to lift the audit because they neglected to tell me about 2007?

AP34 Penalty and Refund Due

Posted 13 August 2015

I have a AP34 penalty. I am also due a refund. Do I first have to pay the penalty before I receive my refund?
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