Inclusion of rental expenses in CGT calculation
Posted 24 February 2017
If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?
Is occupation rent an allowable deduction against rental income?
Posted 24 February 2017
Is occupational rent paid to a developer, of a new-build property, an allowable expense to deduct from taxable rental income? The property in question was rented out in the same tax year as occupational rent was paid.
What is your fee for retired farmers?
Posted 24 February 2017
I am a retired farmer with only rental income which I earn from renting out my farm. My income is R500000 per year. What will TaxTim cost?
Do I need to file a tax return with R260 000
Posted 24 February 2017
I am unemployed but earn interest income ( approximately R260 000 annually)from fixed term deposits
I am under 65 and contribute to medical aid and retirement annuity
Do I need to file a tax return
Refunded tax-invoice does not include the tax portion only the service fee before tax.
Posted 22 February 2017
I pay Eskom directly for electricity. Every few months they overcharge and I have get them to refund and rebill. The issue here is that they only refund the service fees, never the tax portion. For example, last month they charged me R 1223. 22 Inc vat. This was incorrect. They refunded me R 1073. 00. And then charged me the correct amount + vat. How do I claim for the money paid in vat, if I even can?
I'm not sure if this is the correct forum for my query but I have no idea wher...
Read more →
How will tax work on my bank account with other peoples money in it?
Posted 21 February 2017
Me and five members of my family want to start investing. Before the profits will be paid out the company that does the investments does the tax part on it and then pay us the profits. What I want to know is, if they pay the family members profit into my bank account with my profit will there be any problems with tax on my side because all the money is going to my account. The company will send each of us an IRP5 at the end of the season so that each of us can fill in our tax return.
Rental expenses claim during the next tax year
Posted 20 February 2017
If I spent more on maintenance of my rented granny flat than I earned in rent can I offset it over several years?
Sale of rental property
Posted 17 February 2017
My son works abroad, but he owns a rental property in South Africa which he sold recently. Is he required to pay capital gains tax on the proceeds?
How do you perform tax calculations for property and interest while married in Community of Property
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
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?
What deductions are allowable for a salaried employee who works from home?
Posted 15 February 2017
I am a monthly salaried employee and my employer deducts PAYE. However, my salary is based on an hourly rate with no fixed base, i. E. No work, no pay, and varies from month-to-month. I work 100% from home and am responsible for all work-related expenses. Can I claim a percentage of my rates and taxes, electricity and telephone?
Payment of income tax on rental income and interest earned.
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.
Source code for renting out camera gear
Posted 14 February 2017
Looking for the source code for a sole proprietor renting out camera gear, I am trying to apply for turnover tax and the form I'm filling in is asking for a source code?
Tax implications on selling my second property?
Posted 13 February 2017
What will my capital gains tax be if I received a payment of R680 000 upon selling my second property?
Rental income and fixed deposit
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?
Tax on rental accommodation for staff
Posted 10 February 2017
If a farmer supplies residential accommodation to his workers and deduct from their wages an amount of compensation (rent) for the benefit, should he be taxed on the "rental income" he receives?
Unsure about home office calculation
Posted 8 February 2017
My home office is 3m by 4m. I am not sure how to calculate the rates and electricity for the office?
Can I change my declaration if I already submitted the return?
Posted 8 February 2017
I forgot to include my home office rental space, can I resubmit my tax return and add this on eFiling?
Does the 27.5% of income you can put into a pension fund only mean income you have earned as a wage?
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?
Does married in commuity of property mean a partnership?
Posted 7 February 2017
We are married in community of property does this mean this is a partnership for CGT purposes?
Tax on rental income while being a student
Posted 7 February 2017
I am a student earning rental income on my deceased parents property, am I supposed to declare this income to SARS and pay tax on it? The amount I earn is just over R25000 after deductions per month.
Legislation affecting foreign pensions
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...
Read more →
Do I declare my CGT on the IRP6?
Posted 6 February 2017
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.
Divide pension between spouses
Posted 3 February 2017
I am married in community of property and my wife and I are both individual provisional tax payers. I have been retired for 20 years. Can i divide my pension income between myself and my wife's income on our IRP6s?
When do I declare interest income?
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?
Older posts →← Newer posts
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20