Do I qualify for income tax in the new law.
Posted 2 August 2015
I have a small business renting apartments and my annual income is R 300 000 before expenses. I want to find out if I qualify for income tax with the new tax law.
Taxation on gifts
Posted 31 July 2015
I received a referral gift on the sale of a property of R10000
I assume a gift under R10000 is tax free?
Investment and capital transfer
Posted 29 July 2015
I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.
Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax?
Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....
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Treatment of legal costs in CCMA
Posted 29 July 2015
Was unfairly dismissed and at CCMA employer agreed to retrench me. I received the correct tax directive. How do I claim the legal costs incurred to fight my employer? I am unemployment but received rental income from my properties during the tax year.
I registered a business with CIPC on 11/2014. Do I need to add info to my Personal tax return?
Posted 29 July 2015
I registered a business with CIPC on 11/2014. Do I need to add info to my Personal tax return regarding this business?
New home transfer duties
Posted 29 July 2015
We bought a home and was told that we could claim back on the Transfer duty and registration cost that we paid over. Is this possible and how do we do this?
What's does lease payments actually refer to?
Posted 29 July 2015
Under "travel claim against allowance" Does lease payments refer to the monthly car repayments I make to Wesbank?
Are transfer fees deductible for purchase of home?
Posted 29 July 2015
Can I deduct fees paid to transfer attorneys and bond attorneys for the purchase of my home?
The property is not an investment property, it is my primary residence - I live there.
Must I file a tax return? I get only investment income and rent
Posted 29 July 2015
I earn R4000 from an investment and I receive R4600 rent for my house that I rent out. Must I file a tax return?
If the amount has not a minus in front what does it mean?
Posted 29 July 2015
If I submit my tax and it show a amount without a minus in front must I pay the amount or what?
Can I claim expenses on bond and transfer fees on investment property?
Posted 28 July 2015
My bond was registered for my investment property end April 2014. Please advise if I can claim under expenses incurred all of the bond and transfer fees amounting to R31,336. I called SARS contact centre and the lady advised that I am allowed to do so but from her tone of voice was not 100% certain. I have a reference number for the call whereby she agrees that I can claim as an expense. Please can you advise me as to what I should do?
Investment return tax
Posted 28 July 2015
How much tax will I pay for my investment returns?
How best to set up my photography business with regards to taxation?
Posted 28 July 2015
Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.
I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...
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Medical expenses for disabled husband (non Medical Aid contributor)
Posted 28 July 2015
Hi there,
My husband is disabled and I do not have medical aid but I pay for his chronic medication and doctors visits out of my pocket for the year. This amounts to between R 25 - R 35,000 p/year. Am I able to claim anything back against this medical expenses? Under code 4020 perhaps?
My annual income is between R 180000 - R 200000 p/ year. (7. 5% = - R 13,5 - R15000) - Can I claim the difference in expenses without being on medical aid?
Thank you for your assistance in this regard.
Loss with expenses exceeding income
Posted 25 July 2015
Started as estate agent. Have incured training and other costs which exceeds my income. I also have rental income. How do I treat / tax man will treat the loss from the estate agency job?
Must I complete a provisional tax return?
Posted 25 July 2015
Hi my husband and I are married in community of property and our rental house is in both our names. The income generated is R72,000 k per annum. I am 64 yrs old and complete a separate tax return as I also receive a pension of R5700 pm. My husband is still employed and earning a salary
We have been completing provisional tax returns for a number of years now. Must both my husband and I complete provisional tax returns?
We are married in community of property. How should we do the tax filing?
Posted 24 July 2015
We are married in community of property. We are both registered with SARS. We both do not work for a employer. We receive investment and rental income on the Husbands name.
Does the Husband report all the investment and rental income on his tax return or should it be split and then reported on the Husband and Wife's tax filing? If the investment and rental income is only reported on the Husbands tax filing what should be filed on the Wife's tax filing? Should both also pay Provisio...
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Doing tax return for first time - what do I need?
Posted 24 July 2015
What kind of information is required to do a tax return for the first time?
Why is my home office selected for verification second year in a row?
Posted 23 July 2015
I work from my home office as a graphic designer. My annual income is under R500 000. This is the second year in a row I've been selected for verification. Any idea why and what does it mean? What should I be doing differently to prevent being flagged? Is it a reflection I'm doing something wrong?
Tax on R25,000 interest for last year?
Posted 23 July 2015
I have earned R25,500 interest for the year 2014/15. How much tax do I pay?
How can I apply for a rebate
Posted 21 July 2015
How long do I have to apply for a rebate?
Taxation on foreign bank account
Posted 21 July 2015
I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?
We have a cc which has run at a loss - how do I complete the ITR12?
Posted 21 July 2015
My husband and I have a cc registered in our names. When completing our tax returns it then brings up the statement of assets and liabilities - how do I complete this?
My husband runs the business, but it has run at a loss, so he did not get any money out for the last year. Do I still need to fill in the assets and liabilities (there are no assets such as property nor debtors - it is a cash business, so there is a small bank balance). Do I include our personal assets and liabilities ...
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Are levies on a rental property tax deductible?
Posted 21 July 2015
Do the Levies on a rental property count as an expense towards the "business" and if so, what category should that fall under eg: Administration fees?
Rental Income Tax
Posted 20 July 2015
Hello. I would like to know how to calculate my tax if renting out a property I own?
Would this be added as a lump sum at the end of the tax year or would this need to be included in my salary on monthly basis?
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