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?

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?
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