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Provisional Tax form completion for declaring Capital Gains

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)....

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What are the tax implications for shares that have been sold?

Posted 13 August 2013

I am a pensioner over 65 and receive a pension from a living Annuity and a small income from interest (plus minus R5000 interest per annum). In March 2012 I sold shares that I received from Old Mutual and Sanlam many years ago. What are my tax implications and must I include this in my return?


Allowable deductions from rental property income

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! ...

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Hi Tim. I work in Sierra Leone and get paid in dollars, into a SA bank account, how do I complete my

Posted 23 July 2013

I comply with the regulations regarding 183 days out, 60 days consecutive. My question is where do I fill this in on my return. They want a rand value, and I do not have an IRP5 but one from the company.

Which receipts to be submitted?

Posted 18 July 2013

What type of invoices and documents are supposed to be submitted with IRP5?

Is Forex income not classified as capital gains tax?

Posted 16 July 2013

A certain amount of capital is grown by means of buy and sell transactions leading to profits and losses.Is forex income not classified as capital gains tax?

Tax Return - when I must I submit?

Posted 14 July 2013

I'm getting confused with regard of submiting tax return. If you earn more then R63556 you to submit your return and on the other side if your remuneration is R250000 you may not subtmit a income tax return. Can you clarify that for me please?

What to hand in?

Posted 11 July 2013

What else should I hand in to accompany my IRP5?

I bought a flat and hire it out in order to supplement my income, how does the income tax work?

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?...

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How much will I get out from a R500 000 cash prize in a competition after tax.

Posted 9 July 2013

What amount will be paid for tax when I receive R500 000 lump sum in prize money from a competition?

Disclosure (Forex, shares, unit trusts)

Posted 8 July 2013

Is there a need to disclose that I trade forex online even though I am sitting on a loss?
Is there a need to disclose for this assessment period that I had share investments and unit trusts, I disposed all shares and part of the unit trusts end of March i.e. outside the current assessment yr. after holding them for less than a year (wedding expenses over budget)?

Where on the tax return do you declare IT3c (gain/loss)?

Posted 7 July 2013

Where on the tax return do you declare IT3c (gain/loss)?

AVS Bank with AVS verification pass

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 ...

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What is the source code for rental income?

Posted 2 July 2013

What is the source code to use for a loss or gain of income for a rental property when I use eFiling?

What supporting documents must l add to my personal tax return?

Posted 27 June 2013

I'm busy doing my personal income tax and don't know what documents I must submit example medical just know about my IRP5/ I'm in a medical fund so what must I declare will you please help me Tim?

What documentation do you have to carry with you when you go to SARS to do your tax returns?

Posted 26 June 2013

What documentation do you need to submit your tax returns claim to SARS?

Tax on leased property?

Posted 25 June 2013

I rent out my property but still pay a bond. This is not my primary residence. Do I still need to pay tax?

How much of my investment can I liquidate a year without incurring income tax.

Posted 10 June 2013

I have a unit trust with Alan Gray. I'd like to liquidate the maximum amount allowed per year without incurring extra income tax. Can you help me with this please? How much can I liquidate a year. My annual income is about R145 000.

What to bring when going to get my tax number?

Posted 21 May 2013

I have to go and get my tax number, what should I come with eg: ID etc

What are the allowable deductions for companies with reagrds to employees and loans?

Posted 24 April 2013

Is there a new allowable deduction for companies with regards to loans for employees to help with their living expenses and loans that are unrecoverable from employees.

Building cost deduction

Posted 22 April 2013

I am a single parent trying to build a home for my family. The bond that I qualified for on my salary does not cover all expenses and I've had to pay for a lot of things out of my own pocket, such as R22 000 developers' fee for building on a plot, R17 500 getting electricity supplied to the plot, R15 000 getting sewerage connection to the plot, R5 500 for water to the plot. Can I claim for these expenses as a tax deduction?

When capitalising an amount for renovations to a home office how do I calculate the amounts?

Posted 11 April 2013

What amount is allowable for Repairs and maintenance and how do I depreciate the capitalised amount which consists of plumbing, paving and builders?

What is the difference between Capital Gains Tax and normal tax?

Posted 8 April 2013

If a company's main activity is buying and selling properties, will they pay Capital Gains Tax?

Spending 6 months out of SA. Will I have to pay tax?

Posted 11 March 2013

I am resident in SA, but from 2014 I want to try a new life whereby I spend 6 months (winter!!) out of the country each year. During this time I would be earning some money through freelance online work for various individuals or companies from various parts of the world, plus I would be getting rental income from two properties in South Africa. While in South Africa (during summer), I would continue this online work, and do some other ad-hoc freelance work for South African companies, or be ear...

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What documentation must a company give a shareholder regarding a dividend received?

Posted 7 March 2013

What documentation must a company give a shareholder regarding a dividend received in order to complete my tax return?
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Get FREE Help with your Tax Return today from

TaxTim's award-winning tax return services are now free to all Momentum policyholders and Multiply clients:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started