Written by Marc
Posted 10 October 2013
Written by Marc
Posted 23 September 2013
Hi Tim,
I left SA on 1/9/2011 to take up a permanent employment in UAE, with a UAE company. I also took up residency in the UAE. I sold all my fixed assets in SA, except for my primary residence, which I left for the children to complete their university studies from. I didn't have any intention to return to SA and wanted to relocate elsewhere, after my pension. Unfortunately I was retrenched w.e.f. 10/12/2012 and I returned to SA on 18/12/2012. I visited SA in Nov 2011 for 10 days in Oct 2012 for 5 days. I only started to earned an income in SA in February 2013....
Written by Marc
Posted 23 September 2013
Written by Marc
Posted 11 September 2013
Tim
I have a question. I live in the UK. I have been living here for 5 years. I have property and bank accounts in South Africa. I submit my tax returns every year, claiming a loss on my bonds over my properties. I put my foreign income under section S10(1)(o).
I want to know about off shore investments, if I decide to buy US Stock today, will this be the base cost for CGT purposes or will it be the day I return permanently to South Africa?
How would this differ...
Written by Marc
Posted 5 September 2013
Written by Marc
Posted 3 September 2013
Written by Marc
Posted 3 September 2013
It is apparent that there is a massive grey area when it comes to SARS interpretation on share investment vs share trading and the resultant taxation thereof.
I have a share investment portfolio (exceeding 3 years) and now also want to trade shares short term.These shares will include some of the very same shares that I hold long term in my investment portfolio. Can and will SARS accurately distinguish on an ongoing basis which shares I sell at any given time and tax me accordingly and correctly i.e. capital gains vs income? ...
Written by Marc
Posted 23 August 2013
Written by Marc
Posted 22 August 2013
Written by Marc
Posted 22 August 2013
I am completing my father's Tax Return for him. He is over 65 and has a dependent, my brother, who is mentally disabled. I have indicated this as such on the return and can see from the calculation that the full medical amount listed is shown as a deduction from the taxable amount. What is confusing me is the only amount being reflected as a refund is the PAYE he paid on some shares that he cashed in and there is no additional refund for any of the mental disabilities. Am I understanding the med...
Written by Marc
Posted 19 August 2013
Written by Marc
Posted 17 August 2013
I've cashed out my investment portfolio in May this year, in preparation for emigration, which will be completed in September this year. So I need to fill out a provisional tax declaration for capital gains, which comes to around R75k. I also haven't been in South Africa for the entire year - we moved overseas before the tax year started. So I haven't earned any income in South Africa to declare.
In the provisional tax income form, I fill out the R75k as "Gross/turn over", and have calculated the taxable income as R14k (R75k - R30k excluded amount for capital gains per year x 33.3% inclusion rate)....
Written by Marc
Posted 13 August 2013
Written by Marc
Posted 12 August 2013
Hi there,
Which expenses may be deducted from rental income? Repairs, levy, rates & taxes?
Also, for this particular property, we lived there for 6 months of the year, so can we claim 100% of the expenses incurred for repairs even though we only earned rental income for 3 months of the tax year?
Also, my husband and I are both owners of this property, can I include this property on my tax return only or do we need to split the gain/loss made?
Thank you! ...
Written by Marc
Posted 23 July 2013
Written by Marc
Posted 18 July 2013
Written by Marc
Posted 16 July 2013
Written by Marc
Posted 14 July 2013
Written by Marc
Posted 11 July 2013
Written by Marc
Posted 10 July 2013
Due to medical reason I am on early retirement and receives a monthly pension. With my lumpsum I bought a flat for R840 000.00 in July 2012. My rental income is R3500.00 a month for the period 01/08/2012 to 28/02/2013. My expenditures are as follows: Cost of transport was R26 737.00
Levies (period 13/07/2012--28/02/2013 ) was in total R5435.81.
Where and under what code do I fill in the amount? Can I deduct the expenditure as mentioned from my rental income?...
Written by Marc
Posted 9 July 2013
Written by Marc
Posted 8 July 2013
Written by Marc
Posted 7 July 2013
Written by Marc
Posted 2 July 2013
Hi Tim, I submitted my tax return via e-filing and my banking had changed so I punched in the latest details and SARS put on an audit. I then submitted my IRP5, Bank Statement, Log Book, Medical Certificate of which are the only documents that I can claim for. The Efiling status shows - Correction Filed and and Statement of Account Balance: R -8383.55 and Statement of Account: Assessed Tax. Do you think the audit will go bad?, I ask this because the old Tax practioner that I used to use called ...
Written by Marc
Posted 2 July 2013
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