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Capital Gains Posts in Tax Q&A

Capital Gains Related Posts - Page 16

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What tax will I have to pay on my mother's house that I sold last year?

Posted 5 March 2013

The house belonged to myself, a brother and sister for years.

What are the benefits of non residents for taxable income in South Africa?

Posted 1 March 2013

I am living overseas for the past ten years and have visited South Africa occasionally for not more that 3 weeks per annum. I earn interest (R24500); dividends from private companies (R65000); retirement annuity income (R17500) amounting to approximately R110K per annum. I am paying taxes as a resident. What will my taxes be like if I were to be taxed as a non resident. Will I still be entitled to the rebates. I am 62 years old and am married in community of property. I will appreciate a hypot...

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what are the three main sources of tax from which government obtains its income

Posted 24 February 2013

Like does it include VAT, Income Tax, Normal TAX OR Companies tax

How do I get my IT3b and IT3c forms?

Posted 29 January 2013

How/where exactly does one get the IT3b and/or IT3c forms from and how do I know if I qualify for/need them? I have some minor money market investments, but am not sure if the interest earned on those is taxable as it is so little, so I'm not sure whether I need to submit these forms in the first place.

Do I need to manually request these from my bank/financial institutions or should they be sending them to me automatically?

If they are sent automatically, when should...

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Statement of assets when married out of community, but with 50/50 primary residence

Posted 21 January 2013

Interested in how to represent the primary residence assets amount on the ITR12, statement of local assets and liabilities, if:

Married out of community of property, with accrual
Purchased a house with the wife 50/50, therefore in both our names

Is the sale of a business taxable?

Posted 7 January 2013

If I were to sell a business, would I pay tax on the sale price? and if appropriate, how would this tax be calculated?

Is a sale of software, IPR or patent considered a capital gain?

Posted 3 January 2013

Dear Tim,
Me and my wife have been developping few software packages for years.
Now we have a client that wants to purchase them.
1. Is the sale of the software and/or IPR and/or a patent considered a capital gain?
2. Is it is a capital gane, can we sale those in our private capacity?
3. How if this taxed in case that we receive 200k per person each year for a period of 5 years?

Thank you

Start of employment period on tax return

Posted 21 November 2012

I would like to know I am permanently employed and started my employment a few years ago and still am. Which dates should I fill in when asked to input earliest month of employment?

Capital gains tax on shares sold

Posted 21 November 2012

Hi, In the current tax year I sold shares in my 3 year old business to my other shareholder. The shareholder transferred the agreed amount via an attorney (they subtracted their fees related to this transaction) to my account. The nett amount was in the low millions and I expect the full amount to be subject to CGT.

What kind of documentation do I have to provide SARS with and what kind of documentation should I keep should I ever be audited by SARS? Which amount do I record in my return?...

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What does deducting home office expenses imply for capital gains tax?

Posted 20 November 2012

I'm an academic and also do some mathematical consulting, so I work partly in my study at home. Firstly, am I entitled to deduct a fraction of my household expenses, and if so, is it equal to the percentage x of floor space taken up by my study? But then does this affect how much capital gains tax I'll pay on my flat when I sell it? Is it then is x% of my flat not entitled to a capital gains tax threshold?

I submitted my IRP5 and received an SMS saying account balance: -12000. Selected for audit.

Posted 19 November 2012

I submitted my IRP5 at a SARS branch in Joburg and I received an SMS saying
Tax return assessment result: R-12000. Acc bal:R-12000. Selected for audit: Yes.
What does it mean?

Capital gains on house sale for pensioner

Posted 19 November 2012

I am a pensioner. We sold some houses where we had lots of problems with tenants. How does the capital gains tax affect pensioners?

Do I have to enter Unit Trusts on my tax form?

Posted 8 November 2012

In Feb this year (28 Feb to be exact) I contributed a lump sum of R1000 to a Retirement annuity High equity fund, does that have to be reflected on my income tax statement?

Where do fill info regarding source code 6506 it3(c)?

Posted 6 November 2012

I cannot find where to enter the capital gain relative to sale of unit trust units?

How do I access the page listing documents I need to complete my return?

Posted 29 October 2012

I am busy answering the questions on TaxTim but need to go back to the page containing the source documents e.g IRP5, IT3b etc. How do I do this?

How does the tax on selling painting given to me as a gift get calculated?

Posted 14 October 2012

Hi, just want to know I was given a painting as a gift by my grandmother years ago and now want to sell it on an auction in London, the proceeds will be deposited into my bank account after vat and costs (handled by a professional auctioneer company in south africa). I want to know how do I handle the tax situation.

How do I claim for the purchase price of 3 flats that I rent out?

Posted 14 October 2012

I have finished my claim, I noticed a place on the form to enter the interest I paid to the bank for the finance. Is there no way to claim for the actual money I paid for the flat each month compared to what I earned each month in rent?

Capital Gains Tax

Posted 20 August 2012

I received an inheritance. I sold the property. There is no base cost, since I did not pay for the property and there is no improvement made. How do I proceed with the question.

Do I have to pay tax on a property in South Africa I sold, if i am a UK citizen?

Posted 11 August 2012

I had a flat in South Africa which I have sold in Oct 2011 & made a capital gain of about R200 000 less fees of approx R70 000, do I need to fill out tax return for yr ending Feb 2012.

What is the period allowed for disposal of a primary residence for capital gains tax?

Posted 8 August 2012

We are planning to move into another house and have not decided what to do with our current primary residence. If we move out, for how long is it still considered a primary residence, as it will take time to sell it? Also, what is the tax we would pay on any sale profits if sold as a primary residence or as capital gains? Am married in community of property.

What happens once I've submitted my tax return form?

Posted 18 June 2012

One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’

If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...

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How do I calculate how much tax I owe?

Posted 23 April 2012

TAX PAYABLE is essentially calculated as follows:

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How do I know if I am a tax resident of South Africa?

Posted 15 March 2012

A burning question people often ask tax professionals is whether or not they are a tax resident in a certain country. The question is important because it distinguishes between tax residents and tax non-residents – both paying tax in South Africa.

    • Tax non-residents are people who do not ordinarily reside in South Africa but do business here and thus pay tax to the SA government ONLY on what they earned from South African sources.

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What is Provisional Tax?

Posted 6 January 2012

So as we are getting closer to Provisional Tax Season the question on taxpayer’s minds is, do I qualify as a provisional taxpayer? The Income Tax Act sets out specifics as to who qualifies and who doesn’t.

If you are a salaried employee then your employer will deduct a monthly amount and pay it over to SARS on your behalf. You will only have to file one tax return at the end of tax season.

Otherwise you may qualify as a provisional taxpayer and will have to submit a return twice a year...

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Blog Categories

can help
you file your
Tax return!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started