Dividends Posts in Tax Q&A

Paying double tax on pension



I get paid a monthly pension from my late husband's employee benefits, on which PAYE is deducted. On the annual tax statement and the details that get sent directly to SARS, it will show the full gross pension for the year, less the PAYE paid. Why then, does the net pension amount (after PAYE) still get included in taxable income for the year? Surely I am then paying PAYE as well as another layer of income tax on the remainder, i. e. On the net income? My tax assessment shows the taxable pension...

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How do you perform tax calculations for property and interest while married in Community of Property



My husband and I own property, receive interest income and are married in Community of Property. What percentage of the property income, property expenses and interest income should we each include on our Provisional tax under the total turnover and estimated taxable income respectively?

Does income earned in Mozambique need to be included in my SA tax return if I reside in South Africa



I work remotely for a Mozambique company in South Africa, do I have to include the income earned in Mozambique in my SA tax return?

Foreign tax on invoice



We charge a management fee for services rendered in Botswana. They withheld 10% how do we claim it back and can we claim any VAT on this invoice from outside in South Africa?

Payment of income tax on Fixed Deposit investments



If I dont receive the interest I earn as my investment is over a 36 month period, do I still have to declare the interest earned during the year?

Payment of income tax on rental income and interest earned.



I have some rental income that I would like to invest monthly in my fixed deposit. I know I must pay tax on both the rental income and the interest earned but when? I have to fill in a tax return twice yearly as a provisional tax payer. If the rental income and interest is fixed into the deposit account and I am not allowed to withdraw money, how would I go about paying the interest? Should I keep funds separate specifically for this in another account.

Rental income and fixed deposit



I have some rental income that I would like to invest monthly in my fixed deposit. Do I pay tax on the rental income and the interest yearly? I am a provincial tax payer which means I have to predict my income?

Tax on foreign inheritance.



I am to receive foreign inheritance. How much can I bring in? What taxes are applicable? Do I have to furnish proof of where the money comes from?

Home office and CGT



I work from home and would like to find out what will the cgt implication be when I sell my primary residence and is it worth it for me to continue to deduct my office space as an expense?

Does married in commuity of property mean a partnership?



We are married in community of property does this mean this is a partnership for CGT purposes?

Accumulating overseas dividends do I pay tax on these in SA?



If the dividends from overseas shares are accumulated back into the fund in the UK, do I need to pay tax on them in SA even if I am not having them paid out to me. In the UK I do not have to pay tax on them if they are accumulated.

Legislation affecting foreign pensions



Good Day, this is my 2nd question in as many months. Hope I am not overdoing it but this item will be of interest to many and any suggestions you may have will be greatly appreciated by myself. I am 80 years of age and have been retired for 20 years. A significant portion of my pension has been tax free for 20 years as the result of it having been earned whilst I worked outside of RSA. Yesterday (2. 2. 17) my pension administrators advised me that as from 1. 3. 17 the tax free portion will be ta...

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Do I declare my CGT on the IRP6?



My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but:
1. Do I still need to declare the capital gain?
2. If so, do I declare 50% of it because I own half of the property?
3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.

Can I claim tax back on the materials I bought?



I am self employed and bought materials for my business, can I claim a deduction for this on my return?

Legal tax deduction?



Good Day I would like to know who is right in this scenario: a SA resident and the SA company I work for received a construction contract in Sierra Leone, November 2015 we left with promises that there will be no tax deducted. Just before we left our SA employment was terminated and we were rehired by the newly established Sierra Leone company (same name, just now Sierra Leone ltd). We work everything according to the SARS 183/60 rule In the meantime, salary and tax deductions went on like norma...

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Rental Income Tax for Foreign Non Residents



Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after expenses. It has lately come to my attention that I may need to pay tax on this. How do I get started? I rarely visit South Africa.

CGT Calcualtion for Primary residence



CGT Primary Residence with a home office

Base Cost R3m
Proceeds R7m
I use 33. 33% of my primary residence exclusively for trade/business. I have claimed these expenses for the past 4 years when doing my IT12. I have owned the primary residence for 11 years. How do a calculate the CGT taking into account 7 of the 11 years were 100% primary residence

Money gift to friends, tax requirements



If I make money selling my book (I pay my normal tax on the income) and then want to give cash gifts of R50 000 each to 6 of my friends who need the financial help, do they have to pay tax on the received amount or do I have to pay extra tax on the money I give away?

Tax for non executive directors



How does tax on non executive directors works?

Foreign medical aid



I'm a French citizen, resident with work permit. I pay a Medical Aid in France, for me and 3 other persons. Can I get a deduction?

How to declare foreign trading income



My declared foreign income is the same as I declared as the profit for a business because of online graphic design work - I get paid in USD via Paypal and via FNB. Should I only declare this once and remove it from the business? I would hate to pay tax for twice that of my earnings! Please help, thank you.

How does one handle forex trading losses?



Naturally when extra income is generated, fair enough, tax must be paid. I have seen you address the Forex trading profit questions from taxpayers but no case of forex trading losses. How does one address Forex trading losses in a personal tax return?

Tax on monthly pension



Tax on 52,000 pension at age 55

Non-resident tax



I would like to ask if the following person is taxable in SA:

A German citizen worked in SA from November 2015 to January 2017. He is employed by a German company and his salary was paid into a German bank account in Euro's. The German company deducted monthly tax from his earnings up to December 2015 and then instructed him to start paying tax is SA. He registered for tax with SARS in January 2017 and received a tax number. He worked for a sister company of the German company in ...

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UK pounds income, how do I declare it?



I earn my salary in UK pounds< can you tell me how I'd declare this please?
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