I have an income property with a bond of R600k outstanding. I want to switch it to another bank to access R200k equity. I will then have a bond of R800k. This will cost me R30k in legal fees. How do I calculate the interest and fees cost deduction on my next return? Do I use the entire R800k's interest or am I only allowed to deduct 75% (R600/R800k) or should I do a manual sum in excel? Can I deduct the fees or do I keep that for the capital gains sum when I sell? Also do I need to pay income ta...
I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)
1. Must I still register for Provisional Tax? 2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...
I read your earlier reply to a question on income tax on fixed deposits. However, I am a provisional tax payer and my question is, when do I declare the interest earned on a 12 month F D when the inception and maturity dates do not coincide with the tax year?
My wife and I are married In Community Of Property (Feb 1977). She stopped work 2002. Why do I still pay so much tax. My income is from my pension (Investment) and I do odd jobs throughout the year. My wife has no income. Should'nt we be taxed as a couple (2 People) instead of me being taxed as a single person? I submit my Tax Return on E-Filing.
Our brother passed away last year March and he had 2 children. We didnt knw that we could have claimed depengent benifit on his UIF. Can we still claim it? And can we appoint someone to claim it on our behalf.
Tim, I am (i) a foreign national (ii) non-resident in SA for tax purposes (physical presence test) and (iii) will likely spend more than 183 days in SA in the tax year 2015/16. My only SA source income is interest income from a bank, which is unlikely to exceed R40-50. 000. Do I need to register with SARS and file an income tax return for the tax year 2015/16 under those circumstances?
I currently work a 6 hour day for a company. Tax and UIF deducted and I do receive an IRP5. I want to do extra work. That is work for a different company a few hours a day. Will work approximately 10 to 15 hours a week. They do not want to register me on their payroll. Do I invoice them for service and declare my extra income on my tax return? Will I then become a provisional tax payer?
I and my husband both want to give each of our children (who are both under 18 and not earning any salary or interest) R100,000 each. Will we need to fill in a form IT144 for the donation even though it is at the limit where no tax is payable? Must we declare it on our provisional tax forms?
I am a full time employed software engineer. I am looking at buying an Apple MacBook Pro Retina priced at R28000, from FNB for R1200 per month over 24 months. This purchase is in part for my work and in part for personal work. How do I determine if I qualify for the "Wear and Tear" tax deduction and for how much I will I qualify? Do I submit this with my annual personal tax?
From www. Taxim. Com [https://www. Taxtim. Com/za/help/definition/wear-and-tear] I calculated: ...
I am currently saving for a house, so I am investing in a 3 month Fixed Deposit (I want to avoid equity risk for now). I earn approximately 6% pa. What is the limit of Interest Earn that is exempt from tax?
If I change the investment term to 1 year, starting 01 June 2015, the investment matures on the 01 June 2016. Do I pay tax on these returns in the 2015 tax year?
In answer to a question I asked a few months ago regarding tax residency, you told me if I was relocating to RSA that I could delay becoming a tax resident of RSA for something like five years. I have permanent residency. Could you direct me to the relevant SARS literature. Thanks
I received an sms, submitting my returns manually at the SARS branch,stating a negative balance due to me and 2 dates for payments. Late in the evening I received an sms about bank details verification. . . I havn't verified because the day I did my returns I was in the branch and handed the said documents(which were returned to me). The 1st payment date is today, must I wait for payment or is there anything I need to do before payment is made?
I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...
Am ashamed to say that I have not been submitting my tax returns since 2010. I have just been negligent on my part, what I want to ask is how do I start or go about rectifying this problem? There was also a period of unemployment over maybe a year due to short relocation to Gabon. I have been a regular tax payer since starting my career.
When you have a business (that is registered for VAT) who collects debt on behalf of his clients, thus he takes the debt over from his client. There is an interest charge on the amounts outstanding after a due period. Does that interest amount give rise to VAT? VAT is charged on the collection from the client as well as a commission charge. S2(1)(f) of the VAT act exempts interest charges as part of financial services. But the client is not a registered financial service provider. I cant find th...
I am paying for medical aid personally on a monthly basis and I would like to know how to calculate the tax return I will get for this? Do I get any? If I get a refund will it just be for medical aid or could I apply for my gap cover as well? And then how do I claim for this? Is it too late for the 2013/14 year? Could I lump two claims together in the 2014/15 year?
I am a pensioner and permanent resident (German nationality) since 1996. My wife and I lived from our savings, never had any earnings in South Africa and therefore never registered for taxes. In 2000 my wife got breast cancer and her treatment negatively influenced our savings. I therefore started consulting work outside South Africa in Zimbabwe, Kenya and Saudi Arabia. I was always more than 1 year working in these countries but never more than 2 years. I am now 71 years of age and got a contra...
I have been submitting a tax return every year for a few years now. I plan to go overseas and work/travel. How would I complete future tax returns? I want to avoid penalties for non-submission, but am unsure how to complete the return if I am not earning income in South Africa.