Tax implications of funds held in Share Platform

  Written by Nicci   Posted 14 April 2016

I have a question regarding funds held and traded out of EasyEquities - a share platform you might have heard of. For example, say I want to sell my SAB Miller stock at current value of R1,000 (bought it a year back for R500). I want to know will there be any tax implications if I keep that money in my EasyEquities account and reinvest it into another share. In other words, I haven't paid out the money to my bank account, but just reinvested it back into another share?
Or, does the selling of the shares automatically invoke CGT (calculated at time of sale) even if the funds didn't come directly back to me?...

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How can we claim bond interest from rental income when married out of COP?

  Written by Nicci   Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Spiritual Counseling outside of medical aid

  Written by Alicia   Posted 13 April 2016

As a Spiritual Counselor who has a BA in Counselling, but who is not registered as a health care professional with medical aids, as it is more a spiritual than medical. I have clients who would like to know if they can add my receipts to their tax claims at the end of the year. When the Spiritual Counselling was removed from the medical claims alot of clients do not want to go to conventional psychologists, but prefer continuing with me. Can they claim from SARS like their fuel log books? Is there a way so that clients can claim tax returns? ...

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Setting up small business while employed

  Written by Alicia   Posted 13 April 2016

Can I set up a small business while still employed? The business doesn't do work that conflicts with current employer.

Medical aid tax rebates

  Written by Alicia   Posted 13 April 2016

Is your tax rebate higher if your medical aid contribution is made by your employer instead of done privately?

Foreign Gift to SA Citizen / Donation

  Written by Alicia   Posted 13 April 2016

I am a South Africa citizen and would like to receive a monetary gift from my sister who is a UK citizen only - is there any tax implication for me?

Can u perhaps help me I need my tax number

  Written by Alicia   Posted 12 April 2016

I need my tax nr. Please

Tax payable on Preservation Provident Fund before retirement

  Written by Alicia   Posted 12 April 2016

Hi. If I have a Preservation Provident Fund ( -R1 444 594) and wish to do a once-off withdrawal of R580 000. 00. What will my tax liability be?

Born 1963.

Tax on conditional sign on bonus

  Written by Alicia   Posted 12 April 2016

If I was given a sign on bonus and it was taxed. Condition on the bonus is to stay employed for 3 years. I received the bonus after tax. If I leave in under 3 years how do I reclaim the tax or is it a loss.

Need help with proof of res ans how to make sure I dobt keep going back and forth to sars / SARS doc

  Written by Alicia   Posted 12 April 2016

I am getting my tax number today and am 22 I need to have a tax number in order for me to start working I have never had any sort of bill on my name to have access to proof of residence, I live with my parents and they have such how do I proof that I live there too? without having any sort of bill payments? help please

Financial assistance to a relative / Donation

  Written by Alicia   Posted 12 April 2016

Is there a tax benefit when assisting a relative financially?

Returning to SA after 8 years and still earning pounds and not rand. When am I tax resident in SA?

  Written by Nicci   Posted 11 April 2016

I'm South African born and worked and lived in the UK for 8 years before moving back about a year ago. I have dual citizenship and I am still paid and taxed by a UK company and earn no income in South Africa. When will I be considered a tax resident in South Africa?

I went to see a tax consultant who didn't really give me much info except 'don't worry', that while I'm not earning South African income I wouldn't be taxed here. I also have shares in a UK company that I'm periodically se...

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Zim Nationals New Tax Numbers

  Written by Nicci   Posted 11 April 2016

I have several employees that need tax numbers. They are all Zim Nationals on an Asylum visa. How do I get them Tax numbers? Can I apply to SARS on their behalf, in bulk without them going to the SARS offices.

Tax for temporary employees

  Written by Nicci   Posted 11 April 2016

I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me 18% on my salary. I worked for 160 hours. Is this the right percentage they used? please advise me on the applicable tax law for temporary employees.

Capital Gains Tax calculation

  Written by Nicci   Posted 11 April 2016

I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?

Capital Gains Tax - costs of selling primary home.

  Written by Nicci   Posted 11 April 2016

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?

Are retrenched employees taxed by SARS?

  Written by Nicci   Posted 11 April 2016

Will I be paid back my PAYE for the 2016 period, ending 29 February 2016 since I became retrenched in March 2016?

When to Expect SARS Refund

  Written by Alicia   Posted 8 April 2016

I submitted my 2011 & 2012 IRP5s yesterday and received a message that I'm owed a refund from SARS. Any idea of when I can expect this refund?

Thanks for the help!

Summary of 2015 tax year / T-filing

  Written by Alicia   Posted 7 April 2016

Hi I am needing to sort out my tax submission with SARS. Is it possible to get a breakdown of what I submitted with Taxtim for 2015 tax year?

Request the actual percentage PAYE normally taken by SARS on Bonuses

  Written by Alicia   Posted 7 April 2016

How much percentage does tax take on bonuses

When does 2016 tax season start?

  Written by Nicci   Posted 6 April 2016

When do I have to file my Tax Return for 2016?

I started working on 16 March 2015 to 31 March 2016. I have started at a new employer on 1 April 2016. I earned R8762 at my previous employer. I paid R452 income tax per month and paid R1152 on my December bonus.

How do I de-register for Provisional tax?

  Written by Nicci   Posted 6 April 2016

I am a registered provisional taxpayer from when I earned other income than my salary. I now only have a salary income. Nothing else. How do I deregister for provisional tax purposes?

Sole trader tax information

  Written by Alicia   Posted 6 April 2016

How do I find out what receipts I should keep now that I want to operate as a sole trader and what should be declared as is tax deductible?

Travel claim against commission income /vehicle claims

  Written by Alicia   Posted 6 April 2016

Can you claim depreciation as well as finance charges on a travel claim against commission income?

Tax when working for different employers / independent contractor

  Written by Alicia   Posted 6 April 2016

I am about to start 2 different half day jobs. In the morning I work for an organisation and in the afternoon I work for an individual. Should I expect the individual I work for to deduct PAYE or should I put it the PAYE amount away and pay it as personal income tax?
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