Is there income tax payable on interest received from SARS?

  Written by Marc   Posted 12 August 2015

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

Tax on living annuity?

  Written by Marc   Posted 12 August 2015

I currently contribute to a provident fund as well as my employer. My portion is taxable and the employer's not. When I retire I plan on investing in a living annuity, will the income from the living annuity be taxable?

Income whilst working outside of South Africa

  Written by Evan   Posted 12 August 2015

Can you please clarify this question for me: "Did you earn any income whilst working outside of South Africa?"
My answer is yes but this income is non-taxable in South Africa because I was not physically present in South Africa. I am only filing my income tax return do to a loss on my SA rental property.

SARS says submit my 2011/2012 tax returns but I wasnt employed nor did I have tax number

  Written by Marc   Posted 11 August 2015

I emailed SARS to enquire why my 2015/2015 tax returns have not been paid to me yet and they replied saying my 2011/2012 tax returns were not submitted so until they receive that then they will be able to pay me. However I received my 2012/2013 tax returns with no problems as well as my 2013/2014 tax returns as well. I don't really understand this because in 2011 - 2012 I only had a casual job for 2 months in which my wages were way below a tax bracket and I had no medical payments of my own nor...

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Account for Rental income and expenses together with my normal PAYE

  Written by Evan   Posted 11 August 2015

I have a rental property which I have been receiving income for in the last tax year. This is the first year that I have owned and rented the property. I also earn income from an employer but have paid PAYE on this income.

The tax return is easy enough without the rental income and expenses but I need help presenting the income and allowable expenses related to the rental income. Does your lite service include accounting for income and expenses for a rental property? I have all the i...

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Capital gain tax

  Written by Marc   Posted 7 August 2015

I need to sell shares owned by myself. The 149 shares were bought at R1000. They are now worth R3000 each. What is the tax implication for an individual at February 2016. I am under 65 years of age.

First provisional tax payment - estimate

  Written by Marc   Posted 7 August 2015

Hi. My wife earned investment income and a salary last year. This year, she's now stayed at home with our daughter, and thus hasn't earned a salary - thus significantly less taxable income. For the first provisional tax payment, do I have to use the basic amount (i. E. Last year's taxable income) to calculate this payment? The payment will then end up being more than her annual tax is expected to be, as there is obviously no salary (and no corresponding PAYE). Or can I safely estimate a lower am...

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WHERE DO YOU FILL IN ABSA TAX CERTIFICATE IT3B INCOME SOURCE CODE 4201 ON ITR12 ?

  Written by Marc   Posted 4 August 2015

WHERE DO YOU FIND THE CODE 4201 ON ITR12 , CAUSE I RECEIVED A TAX CERTIFICATE FROM ABSA BANK AND THEY GAVE ME A INCOME SOURCE CODE FOR THE ITR12 BUT ITS NO WHERE ON THE ITR12 . . . . PLEASE HELP

How to declare against source code 4238

  Written by Marc   Posted 3 August 2015

I have received a tax certificate from Allan Gray for one of my investments, there's an amount against the source code: 4238 - Taxable Local Dividends. How do I declare an amount received for this source code on e-filing?

IT3b source codes

  Written by Marc   Posted 3 August 2015

I have a IT3(b) tax certificate from the bank , they gave me a income source code 4201 , please tell me where it is on the ITR12 ?

Living in foreign country and SARS requests documents

  Written by Marc   Posted 3 August 2015

SARS has requested proof of my husband's banking details AND documents to support the information given in his eFile. We now live in Canada and did our taxes online through the eFile system. 1. Where on the eFile system can I upload the documents they requested

2. Can my mother-in-law (who has legal power of attorney) take the banking details in on our behalf?

Thanks

Request for correction on VAT return

  Written by Marc   Posted 3 August 2015

I have discovered an error on a past VAT return (input tax amount was overstated) and did a "Request for Correction" on efiling. I changed the relevant amounts, resubmitted, and clicked "Pay Now" to pay the outstanding balance. However, the amount that came up was the full revised VAT payable amount, instead the full amount minus the amount originally paid. I then manually calculated the additional amount and paid only that, but am concerned that it seems like a discrepancy, even...

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What is an IR3(b) actually saying??

  Written by Marc   Posted 2 August 2015

Does an IT3(B) interest received mean that you will receive that amount after declaring your tax? I received the ir3b from gepf requesting that I add it to my tax submission.

Where is Source code 4238 on ITR12

  Written by Marc   Posted 2 August 2015

How do I account for Local Taxable Dividends (REIT) (SARS Income Source Code 4238) on my ITR 12. I cant seem to find the relevant code and have tried various options on the "create form" wizard.

Reit Dividends Tax

  Written by Marc   Posted 2 August 2015

Hello , I have received a Tax Certificate from my stock broker and it says Total nett REIT dividends for period R3709. 00 . Dividend holding tax has not been taken off . Must I declare this amount under Taxable Local Dividends on my return ? . Thanks Peter

When and how to correctly Declare a Divorce Settlement?

  Written by Evan   Posted 30 July 2015

Hi Tim, I was paid my divorce settlement last month, so not in the current tax year applicable to returns. Does the settlement need to be declared now or only in the next returns cycle that applies to the month the settlement was received in?

Also, I'm aware that the settlement is exempt from Tax and I got the necessary documents from the lawyers accordingly, do I still need to formally declare this amount?

Investment and capital transfer

  Written by Evan   Posted 29 July 2015

I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.

Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax?
Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....

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Proceeds on Sale of Shares

  Written by Evan   Posted 29 July 2015

Do I need to declare the sales of my shares if the gain is less than R1 million?

Source code 4238 - Taxable Local Dividend

  Written by Evan   Posted 29 July 2015

On my IT3b there is an amount Taxable Local Dividend source code 4238. I can not find a source code 4238 on the SARS eFiling generated form. Where do I show the amount?

Are transfer fees deductible for purchase of home?

  Written by Evan   Posted 29 July 2015

Can I deduct fees paid to transfer attorneys and bond attorneys for the purchase of my home? The property is not an investment property, it is my primary residence - I live there.

Additional freelance income declaration

  Written by Evan   Posted 29 July 2015

I am employed full-time but I did some freelance website development work this year in addition to my normal salary. I wasn't aware at the time that I was going to get the work so didn't submit any provisional tax beforehand. How do I specify this additional income on my tax return?

Must I file a tax return? I get only investment income and rent

  Written by Evan   Posted 29 July 2015

I earn R4000 from an investment and I receive R4600 rent for my house that I rent out. Must I file a tax return?

Student bursaries taxable?

  Written by Evan   Posted 29 July 2015

During the previous tax year I received student bursaries. My understanding is that bursaries are exempt from tax? I previously used TaxTim's tool to file my taxes and would like to use it again. When filling out tax information using TaxTim's tool, when/where should I input info about the bursaries that I received?

Should I pay tax?

  Written by Marc   Posted 28 July 2015

I am a self employed and on average make 240k per anum, prob less
How does it work with tax, should I pay, what bracket do I fall under?

Can I claim expenses on bond and transfer fees on investment property?

  Written by Evan   Posted 28 July 2015

My bond was registered for my investment property end April 2014. Please advise if I can claim under expenses incurred all of the bond and transfer fees amounting to R31,336. I called SARS contact centre and the lady advised that I am allowed to do so but from her tone of voice was not 100% certain. I have a reference number for the call whereby she agrees that I can claim as an expense. Please can you advise me as to what I should do?
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