Sole proprietor of a carwash claim the whole amount paid for electricity, water & rent.

  Written by Marc   Posted 27 November 2015

Can a sole proprietor of a car wash claim the whole amount paid for electricity, water & rent.

Do two owners need to split rental expenses and income in a tax return?

  Written by Marc   Posted 27 November 2015

My wife and I share a rental property and split costs equally. Are we meant to split these on our tax returns or should we populate only what we each pay from our specific bank accounts? Rental income comes into my bank account and the interest expense comes off it as well.

Provisional Tax Payer and not a Individual

  Written by Marc   Posted 27 November 2015

I'm about to do my first tax return, I'm registered as Individual tax payer but have been doing freelance work on an invoice basis. I did not realise that in this case I would need to be registered as a provisional tax payer instead. Am I correct in saying that I should be registered as a provisional tax payer?

How do I proceed from here?
- I should have done two IRP6's and made payments. - Then I should also do a ITR12, which is then only due in January 2016
What do I do regarding the outstanding IRP6's?...

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Tax on interest only, no other income

  Written by Marc   Posted 26 November 2015

I am a non working wife, married out of community of property. I am not working
I am 55 years old
I have just received R2 000 000. 00 and have invested it in the bank
I receive monthly interest of R10 000 per month, this is my only income. Must I register to pay tax?
What will the monthly tax amount be?

Capital gain from trust split between spouse and myself

  Written by Evan   Posted 26 November 2015

I earn a salary and have an IRP5. This year I have received a capital gain distribution from a trust of which I am a beneficiary of. A property was sold in the Trust and it was decided to split the capital gain between myself and my husband in equal shares. I am not sure how to deal with this on my tax return. I assume that I tick the box that says that a capital gain is applicable - it then asks me to put in the proceeds and base cost etc, but as I only received half the gain I am not too sure ...

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Claiming a living out allowance

  Written by Marc   Posted 26 November 2015

I do consulting work from time to time which means that I am away from home for several months at a time. With my past contracts the employment agency has arranged that I receive part of my package as a subsistence allowance which is non taxable. The present agency, however, will only give me a housing allowance instead of a subsistence allowance. I believe a housing allowance is taxable. Is there some other way I can claim my living out expenses from SARS?

Provisional tax once off situation?

  Written by Marc   Posted 26 November 2015

In the 2015 tax season my employer paid me my full salary and did not subtract PAYE. This was the case for 3 months. I did not get an IRP5 for that period. I know that I need to pay that tax portion How do I declare that to SARS? And avoid becoming a provisional tax payer

Do I still have to submit a tax return having emigrated to Namibia?

  Written by Evan   Posted 26 November 2015

My friend lives in Namibia - she recently moved there about 2 years ago. She earns income there and pays medical aid and pension contributions there. She still has a bank account in South Africa together with investments so she is earning interest yearly. Would she still have to submit a tax return? The interest she has earned showing on her IT3b from the bank is just under R900. Would appreciate your help with this? Thank you

Provisional Taxpayer status

  Written by Marc   Posted 25 November 2015

I receive a bonus from my boss every year, but this bonus is not guaranteed, we only receive it if we reach our targets. For the past couple of years we have reached our target and have received the bonus and SARS has now made me a provisional tax payer. I have also just submitted my tax return and I received my statement of account and SARS has charged me a huge amount as penalty for under estimation of provisional tax. Why would this be?

How are personal assets to be valued? Personal assets given or donated to you?

  Written by Evan   Posted 25 November 2015

Am I correct in understanding that the valuation of personal assets is at cost price? What about personal assets that you have received as personal gifts/donations over say 10 yrs which in each year was under the annual exclusion rate. These assets have value yet cost is zero as they were given freely & gratis. How will/would SARs see this in an event of an Audit and a Home inspection?

What will TaxTim cost?

  Written by Marc   Posted 25 November 2015

Hi Tim, I am 68 years old, and employed full time. I receive a salary of R 20,000 per month before tax. I receive an annuity payment of ±R 650 per month and also receive dividends and interest (way below the allowable). I have been paying my bookkeeper ±R 1400 per year in fees for submitting my tax returns. With your system, I do it myself with e-filing?
What does this cost (i. E. How much do I pay you)?

Why file a tax return?

  Written by Marc   Posted 25 November 2015

If you advise filing a tax return why do SARS say you shouldn't? I have been told by them not to.. I make minimal money at a very part time job. I do earn interest. I do have quite a few investments in my name too.

Can I add bond & registration fees to a rental

  Written by Marc   Posted 25 November 2015

Rental - can I claim or declare bond registration fees and transfer fees on a rental

How do I calculate Rental Income?

  Written by Marc   Posted 24 November 2015

How do I calculate rental income? Is this calculated as follows or is it different? Rental Income = Bond Repayments - Rental income. If it is positive it will be a profit, if negative it will be a loss?

Do we need to submit a tax return

  Written by Marc   Posted 24 November 2015

I get about R2000 /month from my living anuity and R900 / month from an investment. I no longer own property and my medical aid is about R1200/ month. I sometimes get about R2000 / month doing odd jobs and I supplement my income with the proceeds of the sale of my house. Do I have to submit a tax return
My mother is 92 and gets R8000/ month from one investment also has medical aid. Does she have to submit a tax return. Thank you

Primary residence definition

  Written by Evan   Posted 24 November 2015

I was letting out my property and was renting in another suburb for 3 years before selling my property. Is that property still seen as my primary residence?

Any tax on inheritance of a house

  Written by Evan   Posted 24 November 2015

My daughter will inherit my primary residence. Are there any tax implications for her and/or for my estate? Like CGT for example.

Completing Statement of Assets & Liabilities being married in community of property-what do I do?

  Written by Evan   Posted 24 November 2015

1. With respect to completing the Statement of Assets & Liabilities: I am married in community of property. Do I declare the value of joint assets/liabilities & SARS does the 50/50 split or do I declare 50% & my wife the same?

2. We receive income from our profession taxed in our own hands so how does this work re the completion of the Statement of Assets & Liabilities with respect to business assets, income & profit etc?

Can you assist with complicated tax return, involving extra income, provisional tax etc?

  Written by Evan   Posted 23 November 2015

My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.

Am I able to use your services effectively and accurately in...

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Nedbank IT3(b) - which figure do I use?

  Written by Evan   Posted 23 November 2015

Hi, on my Nedbank IT3(b) certificate they have 3 figures for interest (Interest, Net Amount Paid and Net Amount Accrued). Which one must I declare to SARS ?

Business Expenses - categorisation

  Written by Evan   Posted 23 November 2015

When declaring tax for my business I'm finding it hard to fit my business expenses into one of the SARS categories.

My expenses for the web hosting business mostly revolve around renting servers and software. What category would that fall under?

Is Occupational Interest received declared as interest or as rental income on your tax return?

  Written by Evan   Posted 22 November 2015

Is Occupational Interest received declared as interest or as rental income on your tax return?

Married couple rental income

  Written by Evan   Posted 22 November 2015

Regarding rental income as a married couple married outside of communion, do I list it as a partnership with 50 percent share or do I enter only half of the income and expenses and then don't list it as a partnership?

Can I offset my rent paid against my rental income derived?

  Written by Evan   Posted 22 November 2015

I own an apartment that I let out. However I also rent an apartment for me to live in. Can I offset my rental expense against my rental income on my primary residence?

Provisional tax payer - yes or no?

  Written by Evan   Posted 22 November 2015

I'm submitting tax as a normal tax payer (not provisional) as I am a salaried employee and I don't believe my business rental income exceeds R30k. Must I register as a provisional taxpayer?
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