Investment return tax

  Written by Evan   Posted 28 July 2015

How much tax will I pay for my investment returns?

Tax paid in another country

  Written by Evan   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

  Written by Evan   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?

  Written by Evan   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?

  Written by Evan   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.

How do forex traders file for tax-returns?

  Written by Evan   Posted 26 July 2015

I am a forex trader. How do I file for tax returns, based on the profits and loses I have made?
Does my profits fall under capital-gains or income from self-employment?

Two IT3c certificates - do I use both?

  Written by Evan   Posted 25 July 2015

I received 2 IT3c forms for the same investment. Do I use both to complete my tax return? One is related to capital gains, source code 4250, and the other to income from investments.

Tax on share sales

  Written by Evan   Posted 25 July 2015

I have sold some shares, and made a small profit. Reading the rules around tax on shares, I have deemed it to be subject to Capital Gains tax, and not taxable income. Could you please advise where to declare it on my SARS e-filling, under local gain/loss?

I don't see a section where I can write a description or enter a source code. Do I need to declare this amount if it falls within the annual exclusion amount?

Donation tax on receipt of foreign donation

  Written by Evan   Posted 25 July 2015

I could receive a donation from my sister in the UK - we understand that she does not pay tax in the UK as she the donation is under their threshold - will I pay tax in SA?

We are married in community of property. How should we do the tax filing?

  Written by Evan   Posted 24 July 2015

We are married in community of property. We are both registered with SARS. We both do not work for a employer. We receive investment and rental income on the Husbands name.

Does the Husband report all the investment and rental income on his tax return or should it be split and then reported on the Husband and Wife's tax filing? If the investment and rental income is only reported on the Husbands tax filing what should be filed on the Wife's tax filing? Should both also pay Provisio...

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Foreign Earned Income

  Written by Evan   Posted 23 July 2015

Hi, I am wondering about the tax I pay, if any, if I am earning my income overseas. In my case I earn in Indonesia, and the money gets deposited into an Indonesian account. I would like to send my money back to South Africa though. I would only be in South Africa for 1 to 2 months of the year. What tax would I have to pay, if any?

Tax on R25,000 interest for last year?

  Written by Evan   Posted 23 July 2015

I have earned R25,500 interest for the year 2014/15. How much tax do I pay?

How to declare additional income for part-time contract work and pay tax on that

  Written by Evan   Posted 22 July 2015

I am employed by the Department of Education (admin) and I get an additional amount from the School Governing Body for extra work done after hours and weekends. I pay 25% PAYE on this extra income.

However, I'm also doing debtors for a company on an online system as an independent contractor (20 hours per month) for which they do not deduct PAYE. I work at home and with no supervision. I have not registered this as any sort of business.

How much tax do I need to pay and h...

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Taxation on foreign bank account

  Written by Evan   Posted 21 July 2015

I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?

Should I do a revised assessment if data was omitted in my final assessment to SARS?

  Written by Evan   Posted 21 July 2015

I have omitted an earning on an investment in my original assessment. Should I do a revised assessment or just send all documents to SARS for review?

Studies and Tithes Tax

  Written by Evan   Posted 21 July 2015

Is private studies to become a Pastor, whilst being in full time employ of an engineering firm, tax deductible? Is the tithes paid to my local church monthly, tax deductible, if so, what deduction code does this fall under?

Are levies on a rental property tax deductible?

  Written by Evan   Posted 21 July 2015

Do the Levies on a rental property count as an expense towards the "business" and if so, what category should that fall under eg: Administration fees?

Why does SA Homeloans send me a tax certificate if I cannot claim the interest?

  Written by Evan   Posted 20 July 2015

Why does SA Homeloans send me a tax certificate if I cannot claim the interest on my mortgage? Can I claim on the life premiums linked linked to my loan?

When is tax payable on a five year fixed deposit with interest on expiry?

  Written by Evan   Posted 20 July 2015

If you have a fixed deposit with interest on expiry after five years, when do you pay tax on the interest?

It seems that SARS is taxing it every year on what has accrued each year, but surely this causes a cash flow issue for the investor as you are having to pay tax on something you only get in five years time? If this is the case why would anyone take interest on expiry?

Tax back for SA employee working for SA company living abroad

  Written by Evan   Posted 20 July 2015

I am a South African employee working for a South African company. I have been living and working abroad while still earning a salary in South Africa. How long do I need to stay out of South Africa for in order to not be taxed for the period I am abroad?

When do I have to pay CGT?

  Written by Evan   Posted 20 July 2015

I had a Capital Gain from the sale of shares in April 2014. My tax return is due by November 2015. Is it better to wait until then and pay the tax or make the declaration now and pay now? If I declare now am I obliged to pay tax immediately or is there a penalty if I only pay by November 2015?

Investment property disclosure

  Written by Evan   Posted 19 July 2015

I bought an investment property in the 2015 tax year. About 3 month's after registration a family member of mine lost their house due to retrenchment and I offered them my house to stay in. They do not pay rent seeing that they do not have an income.

Do I disclose this property to SARS if I'm not getting any income from it?

Do l have to submit all the receipts from the pharmacy when there was a co-payment?

  Written by Evan   Posted 19 July 2015

I manually submitted my tax return. I was identified for audit. Third time in a row.... I think its because I am a foreign national. I submitted my IRP5, medical aid tax certificate and retirement annuity.

My question is do l have to submit all the receipts from the pharmacy when there was a co-payment? Or is my medical aid tax certificate enough?

Where must I submit dividends and interest received on an investment?

  Written by Evan   Posted 18 July 2015

I have received dividends and Interest from an investment. We haven't shown this anywhere!

Motor Bargaining council levies, were deducted, but I was never registered

  Written by Evan   Posted 16 July 2015

My employer was deducting Motor council levies, but I was never registered. They said I will not get my levies back to me. I had to approach the Motor Bargaining council to get the motor levies paid back to me, and was paid as a cash deposit, instead of on line banking transfer. Surely, the money that was originally deducted from me, went to another account, or invested elsewhere, how did they manage to do their tax return. Is there any way, that I should report this matter to SARS, etc?
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