House/car repayment - tax benefits

  Written by Evan   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

  Written by Evan   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

  Written by Evan   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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

  Written by Evan   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?

  Written by Evan   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?

  Written by Marc   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

  Written by Marc   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??

  Written by Marc   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.

Do I qualify for income tax in the new law.

  Written by Marc   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

  Written by Marc   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

  Written by Evan   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

  Written by Evan   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?

  Written by Evan   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

  Written by Evan   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?

  Written by Evan   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?

  Written by Evan   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

  Written by Evan   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?

  Written by Marc   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?

  Written by Evan   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

  Written by Evan   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?

  Written by Evan   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)

  Written by Evan   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.
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