Capital gain tax
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
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 ?
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
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
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
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
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??
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
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
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?
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
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
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
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?
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
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
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?
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?
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?
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?
Investment return tax
Posted 28 July 2015
How much tax will I pay for my investment returns?
Tax paid in another country
Posted 28 July 2015
My husband worked in Mozambique and paid tax there, how do we fill in his tax return?
Incorrect Information on SARS System
Posted 28 July 2015
Hi, my date of Birth, nature of person, Cell No & country of origin on my IRP5 is incorrect. I only noticed it last year when I was standing in the queue at SARS.
I submitted with no problem, this year my Company corrected my details. I tried to register for efiling, but they state that the information they have on their system does not match with what I have entered when registering.
Please help, what should I do? Should the company do anything from their side to correct the information tha...
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How best to set up my photography business with regards to taxation?
Posted 28 July 2015
Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.
I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...
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Two employers. Do I have to register as a provisional tax payer?
Posted 28 July 2015
I receive an income from two employers. R10 000 from the one, who obviously deducts PAYE and R4500 from the other, who does not deduct PAYE, as the amount falls under the threshold.
Do I have to register as a provisional tax payer or can I register at the end of the year when assessments are due? I have never registered to file a tax return before, as my income has always been exempt from having to file tax returns. This will be my first time filing a tax return.
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