Capital Gains on joint ownership of property where only one person is the primary resident.

Posted 20 August 2015

I am joint owner (50%) of a property with my son. He is the primary resident, I am not. If we sell the property, how is the Capital Gains Tax calculated? The gain will be way below the threshold of gain of a primary residence.

What other documents are needed to hand in with IRP5 at branch or efiling?

Posted 19 August 2015

Hi, what other documents is requiered at the SARS branch whith my IRP5? And do I need it for SARS eFiling as well? Thanks

Must I pay provisional tax?

Posted 19 August 2015

I earn a salary of R5500 per month, I am under 65 years and receive interest and dividends of R25000 per year. What forms must I complete for my tax return? Must I pay provisional tax?
Thank you

Is the sale of an old house & purchase of a new house show on my tax return?

Posted 19 August 2015

If I sold my old house for R830,000 & bought a new house for R1,150,000 do I need to inform SARS of this?
I did this in order to move closer to my place of employment.

Tax implications on unit trust for a new born child

Posted 17 August 2015

Hi Tim
What are the tax implications if I have a unit trust fund for my child. Do I need to disclose the interest and capital gain on sale in my tax return? Thank you

How to declare foreign income?

Posted 17 August 2015

Hi, I have a small website that generates some commission from clicks on advertisements. I get paid in USD and GBP. The money is wired from Germany directly to my personal bank account and converted into ZAR. I don't own a formal business and it is relatively small amounts that are transferred. I also have a property that generates rental income. How do I go about declaring the income properly on my tax returns?

Need help with filing for CGT

Posted 17 August 2015

I need help with filing for capital gains tax. I sold my property in August 2014.

I want to know how much tax I should pay?

Posted 17 August 2015

What is the amount tax to be deducted from a R11000 basic salary(nett income)the only deduction I have is my pension fund of 660 / UIF of 120 and my rent of the house im renting of 2205.

Tax Refund on my personal property?

Posted 13 August 2015

I bought a property in December last year. I was wondering if I could claim any tax. Thanks

What to include as taxable income for provisional tax calculations

Posted 13 August 2015

When calculating "taxable income" on an IRP6 should one include
- expected investment interest ?
- expected investment share dividends ?

Thank you.

Reconciling interest per S24J

Posted 12 August 2015

An IT3(b) form for interest from a bank, when added to the opening balance of a fixed deposit investment, does not agree with the closing balance due (I think) to the accrual provisions of Section 24J of the ITA. I have to "fudge" the entries I have made for interest received each month so that I can get the balances correct for SARS tax returns. Is there any way round this other than to make no bookkeeping entries until IT3(b) are issued after the end of the tax year. This is for a family trust...

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Tax on endowments

Posted 12 August 2015

What percentage of tax do you pay on endowments upon a husband's death, and his wife is the beneficiary?

Taxable Benefits

Posted 12 August 2015

Our company provides a contribution towards provident fund based on 15% of basic salary. Does this form part of your taxable income. Were should it be recorded on the IRP5

Is there income tax payable on interest received from SARS?

Posted 12 August 2015

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

House/car repayment - tax benefits

Posted 12 August 2015

Are there any tax benefits when you are paying off a bond, car or any property?
Does that affect the person who is paying the loan or the person receiving payment, or both? As far as disclosing this on the tax return as a deduction or otherwise.

Income whilst working outside of South Africa

Posted 12 August 2015

Can you please clarify this question for me: "Did you earn any income whilst working outside of South Africa?"
My answer is yes but this income is non-taxable in South Africa because I was not physically present in South Africa. I am only filing my income tax return do to a loss on my SA rental property.

Account for Rental income and expenses together with my normal PAYE

Posted 11 August 2015

I have a rental property which I have been receiving income for in the last tax year. This is the first year that I have owned and rented the property. I also earn income from an employer but have paid PAYE on this income.

The tax return is easy enough without the rental income and expenses but I need help presenting the income and allowable expenses related to the rental income. Does your lite service include accounting for income and expenses for a rental property? I have all the i...

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Not sure to use financed value or retail value for car expenses?

Posted 7 August 2015

Good day,

The cost of my car shows retail value of R370 000 but shows after extras minus deposit financed at R311 00

Which value do I use in my tax return?

Early Pension Withdrawal payout time period?

Posted 7 August 2015

Hi! I would like to resign and will be withdrawing my pension as a lump sum. My contribution plus the companies plus interest, currently stands at around R190 000. I'd like to know, how long will this take to pay out (I'm resigning on August 20)?

Concerning rental income and SARS?

Posted 7 August 2015

In January my wife and I we relocated. We started renting out our house since beginning of Jan 2015. In my tax return, must I count the rental income only for January and February, and subtract cost ie monthly repayment on the home loan and agent commissions?

Medical aid claims for wife that does not work, and kids

Posted 7 August 2015

I have a separate medical aid for my wife (married in community of property, also she does not work) and 3 kids which I pay for from my account. The tax certificate that we get from Discovery is on her name.

Can I claim this on my tax return and if yes, what supporting documents should I keep ready just in case SARS asks? I also have a separate medical aid for myself (reason for 2 medical aids is because of the costs).

Are monthly RA and Living Annuity Income fully taxable added onto salary?

Posted 6 August 2015

I am receiving income from living annuity, approx R2000.00 per month and an additional R375.00 fixed amount from a retirement annuity. I also am still earning a salary over the threshold limit. I include this in my total earnings, although this is not rental, or trade related. Is this the correct procedure? I am then taxed on the full amount. I am pensionable age.

Inheritance, do I pay tax on it?

Posted 5 August 2015

Do I need to declare lump sums that I received from an inheritance? The lump sums were from retirement annuities, a life policy and proceeds from a fixed property that was sold out of the estate. Thank you!

IT3b source codes

Posted 3 August 2015

I have a IT3(b) tax certificate from the bank , they gave me a income source code 4201 , please tell me where it is on the ITR12 ?

What is an IR3(b) actually saying??

Posted 2 August 2015

Does an IT3(B) interest received mean that you will receive that amount after declaring your tax? I received the ir3b from gepf requesting that I add it to my tax submission.
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