Retirement annuity contribution from previous year
Posted 3 November 2015
I paid a lump sum into a retirement annuity investment in Feb 2014. I forgot to include any of it on my Feb 2014 tax return. There are no further contributions at this point. Q1: must I include the value of the annuity in my statement of assets and liabilities (I have rental income so I am completing that section); if so, under which heading does it fall? investments?
Q2: I saw something about carrying over R1800 in RA contributions to the next year. Is this correct? Do you put this under ...
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Will SARS allow personal vehicle expenses as deductible if the vehicle is partly used for business?
Posted 2 November 2015
I own 18 rental apartments which I am renting out. I will be retiring next year from my employment and concentrating on managing these properties and also doing related maintenance myself. I currently own a SUV vehicle which I intend keeping and using it for both property maintenance and also private purposes. Will the tax authorities allow a portion of the vehicle expenses as tax deductible against the rental income to the extent they relate to property maintenance, or do I necessarily need to ...
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How to obtain additional information regarding the the reassessment of your ITA34
Posted 2 November 2015
After I have submitted my tax return, I received a letter to submit all my documentation. I've done this and now have received a revised ITA34, where the Interest income is double than what I have received and recorded on my tax return. How do I contact SARS to provide me with further information regarding the assessment, and what steps do I take now if their assessment regarding interest income is incorrect?
Must wife's bank account interest be added to husband's interest?
Posted 31 October 2015
I am not employed. I have a savings account in which we save. Do we add the interest earned from this account to my husband's interest from his bank accounts? We are married in community of property.
Spreadhseet for allowable deductions for letting
Posted 29 October 2015
Do you have a spreadsheet for private rental/subletting deductions?
Also have some fixed income. Been privately submitting to SARS for 10 years now.
Do I declare capital investment into rental property in my ITR12?
Posted 28 October 2015
Hi TaxTim. When using capital to build or purchase a rental house, is this considered an investment of which the outlay of capital does not have to be declared in the tax year in which it was acquired? (I do not refer to the rental income or taxable portion of the rental income. ) Only in the event of selling the investment property would one then do the sums of proceeds of investment minus the base cost?
Interest on bond payments
Posted 28 October 2015
Can I claim interest paid on a bond as an expense for an investment property where I receive rent. Will that differ for the interest paid on a bond for an empty stand (also investment) where no rent is received yet?
Capital Gain Tax on Sale of Shares by a Non Resident ?
Posted 28 October 2015
I am a non resident having Investment in Shares of a closely held company in south africa. Now I want to sell my shares to a Registered South African Company. Will this sale of shares attract Capital Gain Tax?
SARS source code for Dividend Income/Foreign
Posted 23 October 2015
I received an IT 3(b) statement from dbXTrackers with a new (wasn't there last year) entry, under Dividend Income, namely, Foreign. Can you please advise what is the correct SARS source code for:
Dividend Income / Foreign?
Never submitted a tax-return
Posted 22 October 2015
I have always been horrible with tax and have never submitted a tax-return. I was unaware that is was a "must-do", as I paid tax as per normal. What will happen to me?
Is there any tax liability in South Africa on the cash portion (commutation) of a UK State pension?
Posted 22 October 2015
My wife and I are both citizens of UK, permanently resident is South Africa. We are both about to draw our deferred UK state pensions, and we intend to commute the deferred portions for cash, roughly R500 000 each. Is there any tax liability in South Africa?
CAPITAL GAIN TAX ON A HOUSE
Posted 20 October 2015
As a private taxpayer, you letting out a house of yours for 7 years. Then you decide to live in the house yourself ( I believe the house then becomes you primary residence. ). For example, after 2,3 or even 7 years,you decide to sell the residence. With Capital gain tax in mind,do SARS handle it as normal CGT on a primary residence or because that you have letting it out, is there a special formula when culculate your liability for CGT on the house. I own more tha n one house..
What is the calculation if married IN community of property?
Posted 20 October 2015
I am married IN community of property. Would my capital gain be halved for tax purposes. If so,who carries out the calculation? Me or SARS
Cost of rental income tax seems too high
Posted 19 October 2015
I have declared rental income of a rental income profit of R17445. But SARS are telling me my rental income sent me into another tax bracket and I therefore owe R20308. This seems wrong to me - surely the extra income that is in the new tax bracket should be subject to more tax but I should never make a "loss" by earning more?
Do I need to declare investments outside SA?
Posted 15 October 2015
I have been living outside of South Africa for longer than 2 years. I have been investing money outside of SA. The currency is USD. Do I need to declare this investment in my tax return. The money was earned outside the country, and I have not yet tax returned to SA.
Home office expenses
Posted 15 October 2015
I work from home - I have an office and photographic studio, so am trying to work out what I can claim as household expenses. We no longer owe money on our bond, so it seems like I can't claim anything there. I understand I can claim a portion of rates, water and electricity. Can I also claim a portion of the homeowners insurance and the security (armed response) costs?
Taxable Rental Income
Posted 14 October 2015
I'm currently renting a property in Johannessburg, but I'm also letting out a property. Can I use my rental expense to offset my rental income from my other property?
Married taxation on investment interest
Posted 13 October 2015
My girlfriend and I are planning on getting married and as part of this we would like to know if being married In Community of Property will affect the tax applied to any investment income I currently earn. Ideally once we are married I would like to transfer half of my current investment into her name so that we both earn interest separately (in order to pay less than half of the current tax I'm having to pay on the interest as the amount would then push us into lower earning bands?) however I'm wondering if this would then have the tax benefits that I think it would?...
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Savings
Posted 9 October 2015
I have a savings account with R40,000 with interest of 1,991. 28 this financial year. Does this need to be declared and if so where does it go on the tax form.
Do I declare money sent from Abroad?
Posted 9 October 2015
I have been Living and earning outside of SA for 2 years now, most of the money that I have earned is invested outside of SA. I have however set money back to SA to cover misc expenses related to the rentl of my property. Does the money sent back to SA need to be entered onto my tax return? If so, how?
Unemployed
Posted 8 October 2015
I was retrenched and I'm presently unemployed. I'm living on the interest from a lump sum investment which amounts to about R8000 per month. Do I need to pay tax?
What are those supporting documents that I need to submit
Posted 8 October 2015
I have received an email from SARS saying my income tax has been identified for verification and I must submit my supporting documents on my SARS eFiling. What are those supporting documents that I need to submit, if I don't have invoices,medical certificate or travel book. Is it the IRP5 still a supporting document?
Claiming back tax, how do I do it and how does it work?
Posted 7 October 2015
What does tax returns include? I'm new in the employment sector and I don't really understand how this works. I know that I pay tax every month over R1000. Last year I was also taxed for a seasonal job I did as a student, being an exam assistant for the department of education in the eastern cape and I was told I can claim back my tax, how do I go about doing that? I am just interested in knowing how to claim tax back.
No IRP515 = no tax refund
Posted 5 October 2015
I was overseas studying for tax years 2010 and 2011 and therefore didn't have IRP5s for those tax years. However, I did have income in the form of rental income but for both years I made massive losses due to expenses, high interest rates, bad debts etc. Does the lack of IRP5 automatically disqualify me from any refund due to me by SARS?
Non-resident tax implication on rental income?
Posted 5 October 2015
Myself and the wife ( non-residents / Irish citizens and tax payers) bought a property in South Africa in both our names. Does the R 65 000 tax exemption apply to each of us individually? The combined rental income is R 120 000 after expenses/deductions. We plan to invest the rental income in a flexible money market account at 5,75%. If the exemption applies to both i. O. W R 130 000 combined, do we have to register for tax?
Can flight tickets once in two years to oversee maintenance and i...
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