Doing tax return for first time - what do I need?

  Written by Evan   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?

  Written by Evan   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?

  Written by Evan   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

  Written by Evan   Posted 21 July 2015

How long do I have to apply for a rebate?

Taxation on foreign bank account

  Written by Evan   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?

  Written by Evan   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?

  Written by Evan   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

  Written by Evan   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?

What does it mean by Enforcement Case?

  Written by Evan   Posted 20 July 2015

What does it mean when you see on your SARS eFiling - Enforcement Case Number*****
What is mean by Enforcement Case?

My friend received the following, just interested to know what it means.

Non-resident doner & resident donee

  Written by Evan   Posted 20 July 2015

My step father, is a non-resident and non-SA citizen, who never adopted me but is married out of community of property to my mother, is offering me a substantial gift as a result of a recent sale of part of his inherited estate, let's say 500k ZAR.

My understanding of the SA donations tax law is that my step father is not liable to pay any sort of donations tax, nor am I, because the donor (my step father) is not an SA resident. Is this correct? How would I declare this source of inc...

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Why does SA Homeloans send me a tax certificate if I cannot claim the interest?

  Written by Evan   Posted 20 July 2015

Why does SA Homeloans send me a tax certificate if I cannot claim the interest on my mortgage? Can I claim on the life premiums linked linked to my loan?

When is tax payable on a five year fixed deposit with interest on expiry?

  Written by Evan   Posted 20 July 2015

If you have a fixed deposit with interest on expiry after five years, when do you pay tax on the interest?

It seems that SARS is taxing it every year on what has accrued each year, but surely this causes a cash flow issue for the investor as you are having to pay tax on something you only get in five years time? If this is the case why would anyone take interest on expiry?

Investment property disclosure

  Written by Evan   Posted 19 July 2015

I bought an investment property in the 2015 tax year. About 3 month's after registration a family member of mine lost their house due to retrenchment and I offered them my house to stay in. They do not pay rent seeing that they do not have an income.

Do I disclose this property to SARS if I'm not getting any income from it?

Where must I submit dividends and interest received on an investment?

  Written by Evan   Posted 18 July 2015

I have received dividends and Interest from an investment. We haven't shown this anywhere!

Tax on overseas earnings when moving to SA

  Written by Evan   Posted 17 July 2015

I have been working as a teacher in Dubai for 15 years. Prior to this I lived in the UK since 1984 and I was born there. I lived in SA from 1974 to 1984 as a child and gained SA citizenship, bought property and spent holidays in SA whilst teaching in Dubai. I will now move to live in SA on a permanent basis. My question is whether I will be liable to pay tax on my overseas earnings from March to July 2015 (the month I tax return to SA).

Deductible company expenses

  Written by Evan   Posted 16 July 2015

For many years I operated as a sole Proprietor. Early 2014 I registered a PTY Ltd and duly traded as the PTY LTD. As executive director, by choice I did not draw any salary, the idea being that this would help the company cashflow by saving more working capital. I paid for all vehicle expenses ie fuel, maintenance, privately out of my savings, but approximately 90% of the vehicle use and expenses are attributable to the PTY LTD business. Is there any way that these expenses can be recovered from...

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Motor Bargaining council levies, were deducted, but I was never registered

  Written by Evan   Posted 16 July 2015

My employer was deducting Motor council levies, but I was never registered. They said I will not get my levies back to me. I had to approach the Motor Bargaining council to get the motor levies paid back to me, and was paid as a cash deposit, instead of on line banking transfer. Surely, the money that was originally deducted from me, went to another account, or invested elsewhere, how did they manage to do their tax return. Is there any way, that I should report this matter to SARS, etc?

CGT on primary residence previously resided in

  Written by Evan   Posted 16 July 2015

I own ONE property which I previously resided in (property A). I now rent this property (A) out to other people and reside in a different house which I rent from someone else. I have now sold the property (A).

I owned the property for 9 years of which I resided in it for 6 years (rented out the first year and the last /- two years). Given that it is the only property that I own and I previously resided (Sch8 s44(b)) in it, will the sale qualify for the primary residence exclusion in...

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Tax liability for monetary gifts from overseas

  Written by Evan   Posted 16 July 2015

UK citizen with permanent residency in SA. I work part time for which I get paid and also volunteer for a church for which I get regular and occasional gifts from individuals and churches in the UK and paid into my UK account, and occasionally transferred to my SA bank account.

I have been paying tax on everything on the advice of SARS for a number of years. Friends have questioned this. Am I liable to pay tax on regular gifts from individuals in the UK? Am I liable to pay tax on reg...

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Expenses on rented property

  Written by Evan   Posted 16 July 2015

How do I claim expenses on rented property?

Capital Gains Tax when you sell a property

  Written by Evan   Posted 15 July 2015

Hi,
How does Capital Gains Tax work? I sold a property and someone said I should indicate that it was my primary residence although I have another property. The one I sold was being rented out. Surely SARS would be able to see that?
Thanks

When does one have to submit a tax return? Just started my first job

  Written by Evan   Posted 14 July 2015

I've just started my first job as a finance intern and I earn R120 000 p/a. I do not have medical aid, I only have a pension fund, UIF and a union levy. I want to know if I should also register for SARS eFilling to submit my tax return. When does one have to submit a tax return?

No supporting documentation for Agent Commission for rental property

  Written by Evan   Posted 14 July 2015

Hi, I am renting out a property. I've used your easy questions to fill in all the necessary information regarding the income and expenses related to renting out that property, but I am not confident about what supporting documentation I require to keep on hand for the rental property. I have all the levy and rates invoices, rental agreements and legal costs invoices and the bank statements for the bond financing the property. However the agent does not supply me with invoices for her commission....

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Tax deduction for vacant months in property

  Written by Evan   Posted 13 July 2015

I bought a rental property but didn't have a tenant for the first 3 months. Can I deduct the interest and rates for the first 3 months where I did not get any rental income?

Medical costs for pharmacy levies

  Written by Evan   Posted 13 July 2015

Can I claim on all the pharmacy levies I pay?
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