I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.
Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax? Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....
Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.
I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...
My husband is disabled and I do not have medical aid but I pay for his chronic medication and doctors visits out of my pocket for the year. This amounts to between R 25 - R 35,000 p/year. Am I able to claim anything back against this medical expenses? Under code 4020 perhaps?
My annual income is between R 180000 - R 200000 p/ year. (7. 5% = - R 13,5 - R15000) - Can I claim the difference in expenses without being on medical aid?
Thank you for your assistance in this regard.
I work from my home office as a graphic designer. My annual income is under R500 000. This is the second year in a row I've been selected for verification. Any idea why and what does it mean? What should I be doing differently to prevent being flagged? Is it a reflection I'm doing something wrong?
If you have a fixed deposit with interest on expiry after five years, when do you pay tax on the interest?
It seems that SARS is taxing it every year on what has accrued each year, but surely this causes a cash flow issue for the investor as you are having to pay tax on something you only get in five years time? If this is the case why would anyone take interest on expiry?
I had a Capital Gain from the sale of shares in April 2014. My tax return is due by November 2015. Is it better to wait until then and pay the tax or make the declaration now and pay now? If I declare now am I obliged to pay tax immediately or is there a penalty if I only pay by November 2015?
My employer was deducting Motor council levies, but I was never registered. They said I will not get my levies back to me. I had to approach the Motor Bargaining council to get the motor levies paid back to me, and was paid as a cash deposit, instead of on line banking transfer. Surely, the money that was originally deducted from me, went to another account, or invested elsewhere, how did they manage to do their tax return. Is there any way, that I should report this matter to SARS, etc?
UK citizen with permanent residency in SA. I work part time for which I get paid and also volunteer for a church for which I get regular and occasional gifts from individuals and churches in the UK and paid into my UK account, and occasionally transferred to my SA bank account.
I have been paying tax on everything on the advice of SARS for a number of years. Friends have questioned this. Am I liable to pay tax on regular gifts from individuals in the UK? Am I liable to pay tax on reg...
I've just started my first job as a finance intern and I earn R120 000 p/a. I do not have medical aid, I only have a pension fund, UIF and a union levy. I want to know if I should also register for SARS eFilling to submit my tax return. When does one have to submit a tax return?
My audit was finalized and I received confirmation of this via the SARS call centre and I received a IT34 for both 2012 and 2014 confirming everything was finalized and a completion letter for 2015, this was done on Friday. The also confirmed that my penalty was deducted from my refund and nothing is on hold on their side its just the payment that need to go through to my account. By when more of less will the refund be in my account?