Tax on Scholarships
Posted 5 October 2015
I'm a writer in receipt of a scholarship from an overseas foundation. Will I have to pay tax on it, come year end? What documentation would I have to provide for it to be tax exempt, if that's on option?
Difference between an exempt supply and an exempt non supply?
Posted 5 October 2015
What is the difference between an exempt supply and an exempt non supply?
Non-resident tax implication on rental income?
Posted 5 October 2015
Myself and the wife ( non-residents / Irish citizens and tax payers) bought a property in South Africa in both our names. Does the R 65 000 tax exemption apply to each of us individually? The combined rental income is R 120 000 after expenses/deductions. We plan to invest the rental income in a flexible money market account at 5,75%. If the exemption applies to both i. O. W R 130 000 combined, do we have to register for tax?
Can flight tickets once in two years to oversee maintenance and i...
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63 old, interest income R13500/mon and will contribute R2640/m towards medical.Tax payable?
Posted 30 September 2015
Hi,
I'm 63 and retirinmg with an interest based income of R13500. 00 /month. I'm contributing R2640 towards medical aid. How much SARS tax will I be liable for. Thank you
Capital gains
Posted 30 September 2015
I just switched some of my unit trusts and made a capital gain of R33000. I figured there is tax applicable to this. But how does this affect my portfolio? Does the capital gain go back into the unit trust to make more money for me?
Once I did the switch to the better performing unit trust, my portfolio total reduced greatly, while I expected to see a huge growth. Thanks,
Help with IRP5 doc online
Posted 30 September 2015
My employer does not want to give me my IRP5 form for me to find out how long I worked there in 2012. Is there any way I can see my IRP5 forms online just to get dates? I really need to know that info. Ive got my tax number and that is basicly all ive got. Please help
Is professional training and development tax deductable?
Posted 30 September 2015
Can professional training costs be deducted (continued professional development) and under what section?
Income tax on foreign income from UK
Posted 29 September 2015
Hi Tim. I work in South Africa but for a UK company. They don't have a company registered here, just a warehouse that I work from. My salary gets paid in US dollars from the UK company so I don't get an IRP5 or PAYE etc deducted.
How do I go about sorting taxes? Do I submit a personal income tax return each year declaring the money I receive and pay the relevant tax on that?
Tax on Dividends
Posted 28 September 2015
I have a small business on the side line where my wife and I are 50/50 owners of the company. I have a job but she does not. Is it best to only declare dividends to her?
Tax on family gift money from overseas
Posted 28 September 2015
Hi TaxTim
Thank you for offering this great service. My question is: If my sister who is an Australian resident wants to send me a gift of between R1.5 to R2 million to buy a house for myself here in South Africa, can she do so and how much tax must I pay? Also, is there an annual limit on gift amounts and should she rather send it across two tax years?
Married couples and CGT on sale of primary residence
Posted 28 September 2015
If a couple is married in community of property, does the Capital gain on the sale of their primary residence get split between the two on their tax returns (if the CGT profit is over R2 mil)?
i.e, do they each pay 50 % tax on the profit?
Request for Supporting Documents but I have not been employed for 3 years
Posted 27 September 2015
SARS is asking for supporting documents related to my tax return but I have been unemployed and living abroad for three years! I don't have any of the documents they are requesting. I still pay provisional tax and submit that tax return dutifully. I read that I must swear an affidavit at a police station but I am currently not in the country and won't be back for several months - they need these supporting documents in 21 days. What must I do? (I did email them, asking them what to do, but they ...
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Is a work visa a requirement when you submit returns as a foreigner
Posted 23 September 2015
As a foreign national, I currently hold a study permit for PhD but was fortunate enough to get work with a gross of R15000 monthly and some tutoring work with a gross of R6000 monthly. I am however concerned about the fact that I do not hold a work visa and whether this will be a factor should I want to submit tax returns.
How to declare additional income for freelance work done locally?
Posted 22 September 2015
I did some freelance web design work on a once-off basis for a local company, how should I declare this income on my tax return?
Do I qualify to give an it3 certificate to an shaare holder?
Posted 22 September 2015
I started a small company with a friend a year ago, she recently needed money and although our company is not profitable yet I offered to buy her out at double her original investment. I paid her in cash. She is requesting a IT3 tax certificate for the money I paid her, how do I do this?
Clarify how to enter rollover of CGT/loss.
Posted 22 September 2015
What amount must I enter for the rollover from last years CGT loss. During the 2014 tax year I dis-invested a foreign investment. The original base cost was R1,540,000. 00. The amount in rand that I received back was R1,080,318. 00. This was easy to enter into that year's ITR12. But the current year, I do not know what amount to enter as a roll over or which code to use.
Home Office property business expense calculations?
Posted 22 September 2015
We run a small hair salon from home for my wife, she does business as a sole-proprietor and the salon is her sole income source. I understand that we can deduct for ease of explanation 10% (amount of space occupied by the salon in relation to the whole property) from all rates and taxes, electricity etc. I am unsure about the interest/rent piece. Can the salon pay "rent" or can you just subtract 10% of the interest on the bond as business expense (bond is in my name). I've also read that deducting this piece as a business expense now can influence your Capital Gains Tax waiver amount when selling the property later on, is this the case?...
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Could you tell me what Withholding Tax Status means and how do I tell if I am exempt or not?
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 donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Ta
Posted 20 September 2015
Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Tax?
eg: say I donate R50k to a section 18A PBO (assuming my salary is more than R500k so R50K is within the 10% allowed tax free) then does this reduce my allowance from R100k to R50k left pa for tax free donations to say a trust?
Do you deduct the interest exemption plus tax threshold from interest income to get the total income
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?
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
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.
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?
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?
Posted 14 September 2015
What source codes do I use on my tax return for Investment Income as listed in my first submission?
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