How is tax on share options calculated after death?

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

Posted 14 September 2015

How does one enter local REIT dividend on SARS eFiling?

Should I spend time/energy requesting IRP5s every year?

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

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.

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?...

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Want to register for a tax number?

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

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???

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

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

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?

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

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

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

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

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.

Please advise on inheritance tax and interest income tax.

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?

When is a CC liable 2 pay tax to SARS?

Posted 2 September 2015

From how much profits is a CC tax compliant?

Are local dividends included in local interest?

Posted 2 September 2015

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

Do offshore workers pay tax ?

Posted 28 August 2015

I am working for a UK company in the offshore outside South Africa. I work 6 weeks away then 6 weeks in South Africa. I usually stay out of South Africa for more than 183 days but not 6o days consecutive. Being an offshore worker, am I still liable for paying taxes in South Africa?

What expenses can I deduct to calculate my taxable income

Updated 28 August 2015

Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?

Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

Posted 28 August 2015

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...

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Forgotten IT3 submission

Posted 27 August 2015

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?

Posted 27 August 2015

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

Zero provisional tax return

Posted 25 August 2015

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?

Posted 25 August 2015

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?
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