Paying double tax on pension

  Written by Alicia   Posted 16 February 2017

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

  Written by Alicia   Posted 16 February 2017

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?

Payment of income tax on Fixed Deposit investments

  Written by Alicia   Posted 15 February 2017

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.

  Written by Alicia   Posted 14 February 2017

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.

Can I get my tax clearance certificate online

  Written by Alicia   Posted 14 February 2017

My tax clearance certificate has to be renewed soon, can I do it online, and how, Kindly assist.

Rental income and fixed deposit

  Written by Alicia   Posted 13 February 2017

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?

Late return

  Written by Alicia   Posted 12 February 2017

I misplaced my supporting documents for my 2016 tax return last year, I have since found it but I needed to know if I can still submit my tax form even now that it is late?

Does the 27.5% of income you can put into a pension fund only mean income you have earned as a wage?

  Written by Alicia   Posted 8 February 2017

I am self employed and only earn about R12000 per year. However I earn about R200000 per year in interest from savings accounts. Can I put 27.5% of my total income (Earnings and interest) into a pension fund per year or only 27.5% of the money I earn through working?

Legislation affecting foreign pensions

  Written by Alicia   Posted 6 February 2017

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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When do I declare interest income?

  Written by Alicia   Posted 3 February 2017

I earn interest on my medical aid savings, do I declare it to SARS the day I leave the medical aid or at the end of the year I earned it?

How long before I get my funds owed to me by SARS

  Written by Alicia   Posted 1 February 2017

SARS used my pension lump sum to pay my administration penalties balance. I have however since this submitted the returns and SARS now owe me an amount. Do you perhaps know how long this could take, as I called them yesterday and they said that all queries on my account was finally resolved.

When will the 2017 tax season start?

  Written by Alicia   Posted 31 January 2017

To avoid any penalties, when will the 2017 tax submission open (ie. From March 2016- Feb 2017? When will we be able to submit our documents for the next tax season?

How does one handle forex trading losses?

  Written by Alicia   Posted 30 January 2017

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?

IRP5 not submitted by employer

  Written by Alicia   Posted 17 January 2017

if my employer did not submit their reconciliation, can SARS keep employees liable for this and issues penalties?

Can I claim the interest I paid on the bond for both my properties?

  Written by Alicia   Posted 25 November 2016

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...

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Can I submit old returns with TaxTim's help?

  Written by Alicia   Posted 22 November 2016

Is there any way to fill in tax returns from 2011-2015? I have been able to successfully file for the 2016 tax period. For the period from 2011 to 2015 as was a salaried employee and had no other additional income. My income tax over the period was fully paid as my employer was responsible for paying this directly to SARS. Is it possible to file for previous years? Are there likely to be any penalties, and are is still possible to claim for previous deductions such as pension fund contributions ...

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Tax deduction for interest on personal debt?

  Written by Alicia   Posted 18 August 2016

Is interest on debt (credit card, loan, etc. ) tax deductible?

Loss on rental property is SARS right in ring fencing it?

  Written by Alicia   Posted 8 August 2016

We rent out our holiday home and make a loss as the maintenance and interest is always more than the rental received. SARS has now decided to ring fence this loss. Is this possible as going forward we may always run at a loss as our bond is high?

Interest on Vat invoices

  Written by Alicia   Posted 4 August 2016

Good Day, I want to send out a statement to a client. And I need to ad interest on the outstanding amount. Should I calculate the interest on the non-vat amount of the invoice, or should I charge interest on the full outstanding amount (That includes the VAT)?

What is the SARS source code for compulsory purchased annuity?

  Written by Alicia   Posted 4 August 2016

I have purchased a compulsory guaranteed annuity from a life insurer with funds which were transferred from a living annuity with another life insurer. The living annuity was also due to a compulsory annuity purchase. The SARS source code being used for the monthly income from the compulsory guaranteed annuity is 3611. Is this correct as is this code not only applicable for the taxable interest from a voluntary annuity? If the source code is incorrect, what should it be?

How do I declare the income earned from a group savings?

  Written by Alicia   Posted 2 August 2016

We have a group savings; we have received a tax certificate for it. How do we claim for it? As there are 3 signatories and in total there are 6 people contributing towards it?

Can I get refunds on my bond repayments?

  Written by Alicia   Posted 28 July 2016

Can I get refunds on my bond repayments?

Bond repayments on a rental property

  Written by Alicia   Posted 28 July 2016

Rental income which I have declared. The bond repayments, is that part of expenses? What about the extra R1000 which I put towards the bond repayment? Where does this fall? I did not enter it at all. Please help

Is the interest from an inheritance in a foreign country subject to taxation in SA ?

  Written by Alicia   Posted 27 July 2016

An inheritance is received by a South African resident following the death of a family member in the UK. The bulk of these funds remain in the recipient's bank account in the UK, with some funds being transferred from time to time, when needed. How is this situation viewed by SARS? Is it necessary to declare this foreign asset together with the annual interest, bearing in mind that the funds originated in the UK, and as a result of an inheritance

How should joint rental income and expenses be split and declared?

  Written by Alicia   Posted 22 July 2016

My wife and I (married outside of community of property) jointly own a property (50/50). We rent this property out, and receive a rental income in doing so. The lease agreement with our tenant lists both myself and my wife as the lessors. The rental payment from the tenant is made into my own bank account, from where it is balanced into my wife and I's joint monthly household budget. There are also monthly expenses associated with leasing our property, such as maintenance, services, and bond int...

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