Clarify how to enter rollover of CGT/loss.

  Written by Marc   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?

  Written by Marc   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?...

Read more →

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 donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Ta

  Written by Marc   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

  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...

Read more →

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 is tax on share options calculated after death?

  Written by Marc   Posted 14 September 2015

My dad passed away in Aug 2013 and had a bunch of share options that went into his estate. We sold the share options in Dec 2014, and the estate was wound up and distributed in Feb 2015. However, they taxed the share sale at the maximum tax rate. Should the share sale go into the 2013/2014 tax year when he died, or should it be in 2014/2015 as that's when the sale was actually made? Basically, I want to check if we can claim back the tax paid as it was his only earning in 2014/2015.

Efiling conundrum for real estate investment

  Written by Evan   Posted 14 September 2015

How does one enter local REIT dividend on SARS eFiling?

Should I spend time/energy requesting IRP5s every year?

  Written by Evan   Posted 14 September 2015

Is it worth asking for copies of the IRP5's if they were provided to SARS by the employers/investment houses already?

Since all three were provided directly to SARS and have pre-populated the e-filing, I did not receive my own copies. If SARS decides to audit my tax return would I need to request them or would SARS be satisfied that they actually already have these?

REIT dividends tax paid

  Written by Marc   Posted 10 September 2015

Regarding the REIT taxable dividends for individuals, where do you reflect the tax paid on the REIT income. If the whole amount is taxable then wont it then have been taxed twice, when the dividends was paid to you and when you declare it on your income tax?
Hope this makes sense. Please advise

CPT payment on money held for 3rd party.

  Written by Marc   Posted 9 September 2015

I have a parent whom gave me money a couple of years back to place in an investment in my name. Recently the entire investment was cashed out and transferred back to said parent. I now have been issued with and IT3(c) reflecting this. My questions are as follows:

1) Though it is not stated on the IT3(c), do I need to pay CPT on the proceeds (SARS code 4205)?
2) If I need to pay CPT, as this money did not belong to me (though the investment was in my name, I did not derive any benefit from it), is there a way in which the CPT can reflect against the party whom the money belonged to?...

Read more →

Want to register for a tax number?

  Written by Marc   Posted 8 September 2015

I have been tax exempt since 1997 when I left the forces. Been operating on a ad hoc basis doing upholstery work for people privately at home and never completed any tax forms as such. I left the trade seeing it didn't enhance my life at all living on the edge to provide for family. Started as an independent recruiter in 2008 and earning between R 60 - 120 p/annum. Haven't got a tax number and want to know if I have to register and if so how do I go about to registering for a tax number?

Taxation of overseas pensions here in RSA

  Written by Marc   Posted 8 September 2015

I have tax returned to RSA in April 2016 and receive pensions -paid in UK, how are these taxed now I am a returning resident?

No IRP5 -Can't claim Home office Expenses???

  Written by Marc   Posted 7 September 2015

A Client of mine does freelance work via Paypal. She earns 3500-5500 per month. This income is not shown on an IRP5 and because there is no IRP5 on her tax return, she can't claim her half of her and her husband's Home Office Expenses as this option is Greyed out on eFiling if you don't have an IRP5. What to do???

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?

How else can I get to the bottom of why my refund hasnt been paid to me

  Written by Marc   Posted 4 September 2015

What else can I do about my refund that has not been paid to me even after an escalation has been done? I was on audit as usual but summited everything as normal. I recieved no feed back as I let SARS have their 21 days which then turnes out to be 30 days waitn. I have now escalated it but still no info with regards to my refund been held back.

How do I reflect income on my tax return from an additional job which I don't have an IRP5 for?

  Written by Marc   Posted 3 September 2015

I have an IRP5 for my full time job but I did a few hours of consulting (around 30 hours in total) at weekends which I personally invoiced for. How do I reflect this on my tax return? I have paid no tax on the additional hours so far.

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.

Foreign - Taxed dividends

  Written by Marc   Posted 3 September 2015

I have a IT3b from Satrix. Under "Dividend Income" there are a items listed "Foreign - Taxed" and "Foreign - Taxed (Dual Listed)". Do both of these get added up and submitted as "Foreign Dividends"?

Would he able to apply for a portion of the exemtion for being out the country for 60 days

  Written by Marc   Posted 3 September 2015

I have a client who was out the country from October 2014-December 2014-although his contract is from Oct 2014-Oct 2015 he completed his 66 consecutive days out the country. He came back and only flew out again end of Feb 2015. Because his contracted only started in October 2014, he would have completed the 183 days from Oct-Oct. Would he get a portion of exemption for the 60 consecutive days because its within the 2015 tax year.
Older posts →← Newer posts    9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29