Tax on income working permanently in the UAE and declaring of such.

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....

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Tax efficient business type for share traders

Posted 23 September 2013

If one were trading JSE shares full time, which would be the most tax efficient business type to trade under, and why?

CGT - Offshore Stock

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...

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Do you have to fill the yellow blocks on the student assignment?

Posted 5 September 2013

Do you have to fill in the yellow blocks in the calculation part of the question?

Inherited house inclusion in taxable income

Posted 3 September 2013

Do you include an inheritance of a house when calculating taxable income before you dispose it?

Should one separate share investment and trading activities by creating a legal entity?

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? ...

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Does the system handle lump sums and capital gains?

Posted 23 August 2013

Does the system handle lump sums and capital gains?

Do I submit my capital gains from an investment as part of my primary residence if I do not have one

Posted 22 August 2013

Do I submit my capital gains from an investment as part of my primary residence if I do not have one? I own no property etc.

How to calculate Tax Refund if over 65 with a disabled dependent

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...

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Is a?sale of shares held as an investment taxable?

Posted 19 August 2013

A?sale of shares held as an investment, is it taxable?

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?

Thanks

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?
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