Dividends Posts in Tax Q&A

Forgotten IT3 submission

I've already submitted my IRP5 but I just found IT3 for an investment policy from last year and this year. Is it possible to still submit these or should I wait for the next tax window next year? What are the implications of this cause I don't want to discover that I own the tax man anything by failing this submission.

Tax payable on savings?

What % tax do you pay on interest earned on savings and or fixed deposit.

Zero provisional tax return

I am registered as a provisional taxpayer as I earn investment income however due to contributions made to retirement annuity funds I will not owe SARS anything. In fact I expect a refund. Do I still have to complete a zero provisional tax return?

Contributing to Botswana medical aid scheme, is it tax deductible?

I am a tax returning resident to South Africa. Been working in Botswana for the last 16 years and tax returned to work in RSA from June 2014. I have been contributing monthly to a medical aid scheme in Botswana(BOMAID), will this be deemed tax deductible to SARS?

Tax for pensioners

I am helping someone with their tax. The person is 66 years old and has an monthly retirement annuity payout of R7000 and monthly interest (from investments) of about R4000 that gets paid out also monthly to them. Should a tax return be filed,or are there exemptions? I know the over 65 year olds get exempt of certain amounts for interest earned,but im not sure if that is the only excemption,or is there a total amount of income they are excempt of? Or must you add the two excemption amounts toge...

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Provisional Tax Calculation

how do i work out the estimated profits for provisional tax payment to be effected end of august?

Tax exempt working aboard

When you work out the country for 60 days or more you don't get taxed

Refund on Dividends Withholding tax?

I have twins and have set them up with unit trust investments in their own name. The distributions from the trusts are fully reinvested. However the trusts pay out a mixture of interest and dividends etc. On the dividends can I submit tax returns for them to claim back the dividend withholding tax. The interest and capital gains portions are below annual limits. They have no other income as they are not working.

Using someone else's banking details for my tax refund from SARS?

Hi i'm orginally from Nigeria, I live and work in SA, I just did my tax retuns but they told me I cannot use my foreign acc except and Indian foreign acc,i tried opening a capitec acc but was told my papers are about to expire so I need to wait for the new ones... Can I use a 3rd parites banking details and have my retuns paid into their acc instead?

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

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?

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?

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.

Academic fees from SARS?

I'm a full time student who works at different places over weekends to fund my studies which are ~R50K p. A
Is there a portion that I can be able to claim back from SARS?

Is spousal maintenance a taxable income?

Is spousal maintenance a taxable income?

The higher your local liabilities the lesser our tax amount payable on our completed return or other

Do we pay less tax or more tax if our local liabilities are higher for example - Car finance and credit card debt?

Am I and independent Contractor or a Bookkeeper for tax purposes; can I deduct a pc course as an exp

I am a bookkeeper for 2 entities with the same directors, but different company and tax numbers. I invoice a fixed fee per month, but split it based on the pro-rate turnover per entity. I work form my study although I also do visit their office especially certain periods during the month - ie mid-month for invoicing and month end to balance the books. Question: Does this mean I am an Independent Contractor? Is this applicable for the 80/20 split as an independent contractor? Do they have to deduct tax from me on a monthly basis?...

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Do foreign nationals with South African work permits qualify for the offshore tax exemptions?

I am a foreign national (New Zealand) based in South Africa on a work permit, working for a South African company. However all of my work is "offshore" in the DRC in the mining industry. I am away from South Africa for about 300 days per year for up to 60 days at a time. Can you please let me know if I qualify for the tax exemption on my salary. Thanks, Dan

How to declare foreign income?

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

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

What to include as taxable income for provisional tax calculations

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

Thank you.

What are the tax implications for Voluntary Severence Package?

What is the tax implication for Voluntary severence packages? Does it qualify for any severence benefits. According to general opinion, the first R500 000 is tax exempt?

Reconciling interest per S24J

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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Is the Provisional Tax threshold inclusive of Normal Salary + My company paying me out (Dividend)?

I registered a company and It was registered for income tax. I am the sole Director and shareholder. When it makes money and I pay some of this to myself am I liable for provisional tax? I know there is a threshold but does that threshold amount include my Normal Salary that I get from my employer?

Passive investment and unit trust income - do I submit a tax return?

I am an independent contractor and my earnings is below R200 000 per year. Over the past two years, I have managed to save and have invested R100 000 in listed shares and R50 000 in investment funds such as unit trusts. I am not sure whether I need to submit a tax return?

Tax on endowments

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