Rental income into another individual bank account

  Written by Marc   Posted 21 September 2015

Do I have to declare rental income if the property is in my name but the rental income goes to another family members bank account?

Percentage of tax on rental profit

  Written by Marc   Posted 21 September 2015

What is the percentage of tax on rental profit of R58000

Can I claim a lump sum financial lease installment settlement as a deduction for tax purposes.

  Written by Marc   Posted 21 September 2015

If I am currently paying a finance lease for a vehicle and then subsequently decide to request a settlement figure from the bank and pay the remainder of the finance debt off to the bank can I claim the lump sum settlement as a deduction for tax purposes?

Calculation of Transfer duty as a deemed VAT input

  Written by Evan   Posted 20 September 2015

How am I supposed to calculate the VAT input claim on a fixed property bought for R850 000?

The purchaser paid R3000 transfer duty to the seller. According to the articles I read online, the purchaser may claim the transfer duty as a VAT input. But now I'm confused as to what exactly the amount should be. May he claim R104 385.96 (R850 000 x 14/114) AND R3000 as a VAT input, or only R3000 as a input?

Could you tell me what Withholding Tax Status means and how do I tell if I am exempt or not?

  Written by Marc   Posted 20 September 2015

Hi there,

I'm planning on investing in exchange traded funds, and on the application form a field requires me to mention my Withholding Tax Status (exempt or not exempt). Could you tell me what this means and how do I tell if I am exempt or not?

Regards
Jarryd

Do you deduct the interest exemption plus tax threshold from interest income to get the total income

  Written by Marc   Posted 20 September 2015

Only income earned is investment income thus interest on savings in bank account. Do you deduct the interest exemption of R23800 plus R70700 from the total to establish income e. G R96000 interest income - R23800 - R70700 = R1500 multiply by 18 % taxes due R270

How long does it take to obtain a tax clearance certificate?

  Written by Marc   Posted 20 September 2015

I have requested property owned by my husband to be transferred into my name. However, I have capital invested in the property - and can cover the outstanding bond installment. My husband suggested that he donates property to me - our bookkeeper said it has huge tax implication. I checked this through your column - and told him the contrary. He has now replied that he is trying to get a tax clearance - how long should this take? It has been over 4 weeks?

What exchange rate to use on foreign dividend inclusion

  Written by Evan   Posted 15 September 2015

When calculating the Rand value of foreign dividends to be included into taxable income under s1, what exchange rate must be used if the dividends accrued over a period of a year? If I received 83.69 pounds over the year of assessment, is the amount converted to Rands at the average exchange rate over the year or at the exchange rate present on the 28th of February? The Act doesn't provide any clarity on this.

How to legally handle an amount of R500,000 paid to parents for purchase of retirement home.

  Written by Marc   Posted 15 September 2015

My husband and I are over 75 and because of his health problems have sold our home and bought in a Retirement Estate with Frail care. Our son, has donated R500,000 towards the cost of the unit. He is not resident in S. A. So will not be liable for tax but we have been advised that, he can donate annually, an amount of R100,000 which in 5 years will cover the original amount. Is this correct? We do not pay income tax as our only income is through interest on investments and a small pension receiv...

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When and why must I do efiling?

  Written by Evan   Posted 14 September 2015

My employer does deduct monthly tax from my salary. My income is not more than R250000 a year. I have no other income that I earned or interest rates or dividends I earned. Do I still have to do SARS eFiling? Thank you

What source codes are used for Investment Income interest?

  Written by Evan   Posted 14 September 2015

What source codes do I use on my tax return for Investment Income as listed in my first submission?

How does "Interest on underpayment of prov tax" work?

  Written by Evan   Posted 8 September 2015

I've done my 2012 tax return only now and I see the original assessment is R14,693.15. Now another item that is listed is:

Interest on underpayment of prov tax. Section 89quat(2) 2012 to the amount of R3,884.46.

I just want to know is that value correct, and how is that calculated. I guess it is that "high" because of this part in that section?:

"... Such interest being calculated from the effective date in relation to the said year until the date of assessment of such normal tax. "...

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Tax treatment of income of spouses

  Written by Marc   Posted 7 September 2015

What is the tax implication for someone who is married in community of property, especially on passive income like interest and dividend?

Collect rental income from property I own must I complete statement of assets and liabilities sectio

  Written by Marc   Posted 4 September 2015

I own a property which I rent out and collect rental income. Do I have to complete the statement of assets and liabilities?

Want to know

  Written by Marc   Posted 4 September 2015

What is employment tax incentives

How long does SARS take to refund you if their auditing you ?

  Written by Marc   Posted 4 September 2015

How long does SARS take to pay your money if their auditing you? And do SARS need to pay you interest if their auditing you?

Gross Salary earned with no deduction?

  Written by Marc   Posted 3 September 2015

My employer only pays my salary on a gross basis, and does not deduct tax off my salary every month. He also hasn't given me an IRP5. How would I submit a tax return for this year? Should I approach SARS?

Tax on local based foreign currency accounts

  Written by Marc   Posted 3 September 2015

How is tax caculated on a local foreign currency account. Example: Savings of $100. Worth R1000 but worth R1200 due to currency changes at end of year. And also interest of R50.

Deduction in returns

  Written by Marc   Posted 3 September 2015

For an unemployed person that has a savings account and receives interest on credit balance and has an investment property that is being let and no other income, is it compulsory to submit a tax return. If so what deduction can be included in the tax return.

What is the advantage/disadvantage of carrying over a loss?

  Written by Evan   Posted 3 September 2015

What is the advantage/disadvantage of carrying over a loss? What does SARS mean by "ring fencing" this profit/ loss?

VAT returns duplicated (manual and efiling)

  Written by Marc   Posted 3 September 2015

Hi. I recently did the VAT tax returns for a trust that is an NGO. There were many outstanding tax returns as far back as 2008. I did not know that there had already been manual tax returns submitted for some of the periods that I completed a tax return on SARS eFiling for. This has resulted in SARS thinking we owe them a large sum of money including penalties and interest. What is the best way to correct this situation?

Where is the interest on the bond for home office expenses claimed on the ITR12?

  Written by Marc   Posted 3 September 2015

Where do I claim the interest on the bond portion of my home office expense on the ITR12, is it under the "rental" section of the expenses?

Please advise on inheritance tax and interest income tax.

  Written by Marc   Posted 2 September 2015

I am receiving R 800 000 from my uncle, as part of an inheritance. Will I have to pay tax on this. I would like to invest it where I will receive a monthly interest that I can use, will I be taxed on this monthly amount. If so how much?

Are local dividends included in local interest?

  Written by Marc   Posted 2 September 2015

Do I include my local dividends earned, as listed on my IT3b, to my total local interest earned?

Does SDL go under UIF in taxable income calculation?

  Written by Marc   Posted 1 September 2015

Can we put Skills development levy (SDL) under Unemployment Funding Income (UIF) in our taxable income calculation?
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