Dividends Posts in Tax Q&A

Divorce payout of approximately R850,000.00. How much would SARS tax?



Divorce payout of approximately R850,000.00. How much will SARS tax me?

Foreign shares tax liability



I have shares in a foreign stock exchange. I've had the shares for more than 5 years. If I sell these shares what is my tax liability? The shares are worth R400000.

Tax on Foreign income - away for 30 months?



Im going to work in UAE, Abu Dhabi for 30 months. Do I need to pay tax on or even declare my foreign income with SARS?

Do I declare capital investment into rental property in my ITR12?



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



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 ?



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?

Refund on tax paid for shares payout



Hi,
I was employed by Woolworths and we belonged to a share scheme where we had to stay in the companies employment for 5 to 8 years in order to qualify for the payout. All payouts were taxed. I am now unemployed. Do I have to submit a tax return for the shares payout that we received? Does SARS refund you the tax that you paid on that payout?

SARS source code for Dividend Income/Foreign



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?

Do not know how to complete the Local Business, trade and professional income section



I am struggling to capture my income and expenses generated as a consultant. I do not know which fields to complete having gone into Local Business, trade and professional income.

Is there any tax liability in South Africa on the cash portion (commutation) of a UK State pension?



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?

Additional income capture for private work I was not taxed on



I did some private work during 2014 for which I was remunerated, but not taxed. Please advise how to add this to my tax return and how to claim for the expenses incurred in this period as well.

CAPITAL GAIN TAX ON A HOUSE



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..

Tax implication working as a consultant



If I earn a salary that's taxable plus an amount working as a consultant for a different company what is that tax implication on the extra amount earned as a consultant?

Do I need to declare investments outside SA?



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.

Office costs as free-lance journalist working from home



If I am working from home as a free-lance journalist, can I claim office expenses like paper, ink, internet and cell phone costs and if so, where do I claim these under?

Married taxation on investment interest



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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Full-time student, earn below tax bracket can I be taxed 25% per promotion job?



Hi TaxTim,
I am a full-time student and work for a company during my free time where I do odd promotions in a month. I am earning below the tax bracket and I am being taxed 25%. I get taxed on jobs where I earn R350, R500, and R800. My question is should I be taxed even though I am way below the tax bracket? And how does it work with the tax if I do not have a tax number and the company have deducted tax but have not given pay slips yet? Can I be exempt from paying tax on a R350? What happ...

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Earn commission apart from full time job, what are the tax implications?



I am earning commission on sales from selling an appliance. This income I earn on a part time basis apart from my full time job. What will the tax implications be on such an income, the commission varies from month to month? How do I go about paying this?

Savings



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?



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



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



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?

Travel expenses self-employed



If I am self-employed - how do I claim for travel expense when completing my Tax tax return?

CGT tax rebates



How does capital gains tax work on shares. I sold shares and need to calculate the CGT. The base cost is R99 per share. Do I get a rebate? Is this a once of rebate or a yearly rebate?

Notice of Objection supporting documents



Hi Tim. LOVE your site. So helpful! Just a question. We submitted a Notice of Objection on 3 August. They came back (finally) 29 September... Requesting supporting documents (docs we have already submitted b. T. W) so I resubmitted. How long now till they look at the supporting docs? Can I expect another 2 month wait?
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