How do forex traders file for tax-returns?

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?

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

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

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?

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

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?

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

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

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?

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

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?

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?

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?

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

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?

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

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?

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?

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

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?

Expenses on rented property

Posted 16 July 2015

How do I claim expenses on rented property?

Need to submit tax returns for previous years as British citizen

Posted 15 July 2015

I am a British citizen and have been in SA since April 2013. I started work at my sole employer in October 2013 but have only just got around to organising a tax number! How do I go about submitting tax returns for previous years? Am I right in thinking that as I am a foreigner I can't use SARS eFiling?

Retired British national now resident in S.Africa

Posted 14 July 2015

Hi, I am a permanent resident in S. Africa since my retirement. The only income I have is my British state pension. Do I need to register with SARS in SA? Thanks.

Income shown on IRP5 for code 3718 vesting of share

Posted 13 July 2015

I received some share options from my employer that have vested and have been sold. What amount should be shown on my IRP5 under code 3718? Should the amount be the value of the shares when the shares vested or the value of the share when the shares were sold? In my case the difference in the share price between the vesting date and sale date is over R20000.

3704 Subsistance Allowance

Posted 13 July 2015

I received a subsistence allowance (3704). In 2014 I travelled locally for 5 months, I spent about 108 days away from home. How much can I claim in terms of subsistence allowance?
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