Property tax deductions and CGT implications?

  Written by Marc   Posted 17 November 2013

If Property A was purchased in 2000 and used as primary residence up until 2012, then rented out for a year (due to work relocation to another province) and property then sold with a capital gain?

If property A above was re-bonded[currently settled], can the bond interest be deducted against its rental income or will bond finance interest on a 2nd property, to be used as primary residence, be allowed to be deducted against Property A's rental income?

Donation from brother, how is this taxed?

  Written by Marc   Posted 17 November 2013

My wife's father died last year, and her brother was the only person in the will, so he inherited all the money. He decided to split the money with my wife and gave her R290 000, paid into her bank account. The brother did not submit an IT144. What does SARS want to see on my wife's ITR12 now when she submits in November. Also how much tax is due, and who must pay it?

Do I have to register for tax of I earn a salary of R69 000 and interest of R3000?

  Written by Marc   Posted 16 November 2013

If I receive an income of about R69 900 per year as a salary and interest of about R3 000 per year. Do I have to register and fill in income tax forms on e-filing? What is the closing date for individuals?

When can a retired person stop completing a tax return?

  Written by Marc   Posted 16 November 2013

My mother used to work but has retired & does not get a pension because my Dad is still working. Her only income is about R400 for the yr in interest. She used to complete a tax return each year. How can she stop completing a tax return each year?

S10 exemption - how to disclose income on SA tax return?

  Written by Marc   Posted 16 November 2013

While working on a cruise ship - we get a salary + uniform allowance + commission. but seeing that the section 10 exemption will be meet how do we disclose this on the SA tax return? Just one amount or disclose each separately?

Medical deductions, what are we allowed to deduct?

  Written by Marc   Posted 16 November 2013

What is the definition for 'qualifying out-of-pocket' medical expenses ? So, what qualifies ?

Notification of tax registration with SARS?

  Written by Marc   Posted 16 November 2013

How do I check if I'm registered as a taxpayer by my previous employer?I never recieved a notification of registration.

Why cant I get any tax refund when I have medical aid?

  Written by Marc   Posted 16 November 2013

hi Timam worried cause its my second year of submitting tax returns and I still got nothing,my employer pays 60 percent of my medical aid and also contributes to my pension fund,i have stopped paying for my retirement fund 5 years ago.all my colleagues get something except me,at the moment I owe SARS R180.00,where does it come from,with medical aid and tax contributions I believe I deserve something.I have finalised my divorce 12 months agopls help me understand

Do I sumbit a tax return?

  Written by Marc   Posted 15 November 2013

How do I know whether I need to submit a tax return? I am registered but have never submitted a return. I find the sars website a little confusing as they state: 'You are liable to pay income tax if you earn more than R63 556 in the 2013 year of assessment, and are younger than 65 years of age. ' BUT also state: 'What is the threshold for the non-submission of ITR12 returns for individuals for the 2013 year of assessment?Although a taxpayer still has to register for income tax he/...

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Medical Deductions - Source Codes 4040 and 4020

  Written by Marc   Posted 15 November 2013

I have incurred medical expenditure for the tax year ?%u20AC%u201C I have bills that I paid out of my own pocket, which my Medical Aid did not cover adding up to R7122 and I have an Income Tax Certificate from my Medical Aid with the amount of R6686. Also there are amounts on my IRP5/IT3(a) Employee Tax Certificate next to the codes 4005 and 4474.
Questions:
1. Should my bills add up to the same amount that appears on my Medical Aid Certificate?
2. Do I leave code 4040 blank and ...

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Must IRP5 be part of supporting docs?

  Written by Marc   Posted 15 November 2013

I do not have a copy of my IRP5, it was however submitted to SARS as it reflects on eF.Sars asked for supporting documentation, can I just submit the med certificate and logbook or must I get a copy of the IRP5 as well?

Am I a provisional tax payer?

  Written by Marc   Posted 15 November 2013

If I earn less than R20 000 a year selling AmC pots plus earn a normal salary do I have to register as a provisional tax payer?

How to verify tax number but I'm away from South Africa?

  Written by Marc   Posted 14 November 2013

Im living abroad for a few months and before I can get paid (I'm a freelance photographer ) I need to have my tax number verified, but I'm in Germany and will be here for a few months perhaps even longer.
otherwise they will deduct 30 percent.

deposit into my bank a/c for someone else

  Written by Marc   Posted 14 November 2013

I am a provisional taxpayer, I have a son that does not have a bank account and his salary gets deposited into my bank account. Will this affect me in any way or should he get his own bank account?

When completing the amount by code 4006 do you include the amount from your IRP5 next to code 3697?

  Written by Marc   Posted 13 November 2013

When completing the amount by code 4006 do you include the amount from your IRP5 next to code 3697?

Tax deduction from R15 000 salary excluding benefits?

  Written by Marc   Posted 13 November 2013

How much tax do I need to pay if I earn R15 000 per month without benefits?

Problem with eFiling Tax calc?

  Written by Marc   Posted 12 November 2013

When submitting my eFiling I am unable to enter my Travel Claim details. Also, when I look at my Tax calculation there is a R0 total shown next to Medical Expenses.

Have to add house to tax submission

  Written by Marc   Posted 12 November 2013

I purchased a house with a business partner so according to SARS it is 50/50 which is fine, took ownership 22nd March 2012, so this tax year from what I understand I have to declare it but I have no idea how to and when I go onto eFiling there isn't any guidance.

Why does tax credits such as UIF and SDL not form part of the total tax credit total in you calulati

  Written by Marc   Posted 12 November 2013

Why does tax credits such as UIF and SDL not form part of the total tax credit total in you calulation sheet/ for example it shows that my total credits including PAYE, UIF & SDL is R 144K, however on the calculation sheet it only pulls R 134K which is the PAYE only?

I would like to learn to do my own IRP5, can you maybe help me?

  Written by Marc   Posted 12 November 2013

I would like to learn to do my own IRP5, can you maybe help me?

DIFFERENCE BETWEEN DEPRECIATION CODE 4027 AND WEAR & TEAR

  Written by Marc   Posted 12 November 2013

What is the difference between tax code 4027 on the personal tax return and wear & tear under claim against travel allowance?

Correction Filed Meaning on eFiling?

  Written by Marc   Posted 12 November 2013

What does the status ''Correction Filed'' under a VAT201 Review mean on the SarsEfiling website?

Can I claim my rental paid in offset against my rental income received?

  Written by Marc   Posted 11 November 2013

I am renting out my property (that I own) in the suburbs and I am renting a property in town to live in. The rental income for the property that I own is far less that what I pay for rent in town. Can I claim my rent paid under 'Rental Paid'on my SARS eFiling tax return?

Do I need to complete a tax return?

  Written by Marc   Posted 11 November 2013

I live from the income of 2 cottages on my property, do I have to file a return for tax on this income received, please would you be so kind as to inform me.

Can you claim a daily $ allowance from SARS for business travel outside of RSA?

  Written by Marc   Posted 10 November 2013

I am a South African resident, that often travels across the border for business purposes. These trips are usually only a few days long and are paid for by the company. It has been mentioned to me that there may be a system called per diem, in which one may be able to claim a $ allowance amount per day spent across the border. Do you know anything about such a system and if so, how does it work?
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