CGT on Property sold by family trust

  Written by Marc   Posted 29 June 2015

How do I calculate Capital Gains Tax on a property owned by our family trust?

Interest deduction?

  Written by Marc   Posted 29 June 2015

I run a part time business from home that earns me commission and a car allowance. The expenses I occur monthly is home based eh. Telephone. Internet etc. I currently have a personal bond on my house. Can I claim the interest portion of the bond as a deduction as I use my home to earn commission? Thanks.

May the water & light bill and property tax which is on owners' name be claimed even if we pay

  Written by Marc   Posted 29 June 2015

Re tax on electricity and property tax

Are pensioners over 75 years still liable for provisional tax?

  Written by Marc   Posted 29 June 2015

If you are over 75 years of age must you still submit provisional tax returns despite your income being over the tax ceiling and your interest earnings over R30,000?

IT3b - tax refund

  Written by Marc   Posted 29 June 2015

How does IT3b from banks affect my returns especially when I have a debit interest?

Personal Tax Return with employer provided vehicle?

  Written by Marc   Posted 29 June 2015

I am interested in using your services to help me file my return, but I'm not too sure if mine can be done online as per your services or if I will have to go in to see a tax consultant. The complexity lies in that fact that I have a company vehicle, not a car allowance. On my tax return it is represented as code 3802. Is this something that your services cater to?

Can I claim my housing alowance if I pay rent?

  Written by Marc   Posted 24 June 2015

If I receive a housing allowance of R5000, and I pay tax on the R5000, can I claim it back if I pay rent of R9500

Does paying bond, cars, etc fall under investment certificates?

  Written by Marc   Posted 23 June 2015

Hi

I would like clarity on the information available on your website pasted below

• Get your Interest and Investment certificates from the bank and financial houses (IT3b and IT3c) These should have been sent already. Does paying bond, cars, etc fall under the above bullet point?

Tax back on buying property cash?

  Written by Marc   Posted 23 June 2015

Hi I got a pension payout when being divorced, it was taxed before payout, I bought a house cash, will I be able to get something back, I am not working.

Rebate for prepaid electricity

  Written by Marc   Posted 23 June 2015

I am a tenant and I prepaid electrictity can I claim

Tax on income property mortgage restructuring

  Written by Marc   Posted 23 June 2015

I have an income property with a bond of R600k outstanding. I want to switch it to another bank to access R200k equity. I will then have a bond of R800k. This will cost me R30k in legal fees. How do I calculate the interest and fees cost deduction on my next return? Do I use the entire R800k's interest or am I only allowed to deduct 75% (R600/R800k) or should I do a manual sum in excel? Can I deduct the fees or do I keep that for the capital gains sum when I sell? Also do I need to pay income ta...

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Rental income, less deductions less than cap, must I register for Provisional Tax

  Written by Marc   Posted 23 June 2015

I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)

1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...

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Declaration of interest on fixed deposits for provisional taxpayers?

  Written by Marc   Posted 23 June 2015

I read your earlier reply to a question on income tax on fixed deposits. However, I am a provisional tax payer and my question is, when do I declare the interest earned on a 12 month F D when the inception and maturity dates do not coincide with the tax year?

Extra income

  Written by Marc   Posted 23 June 2015

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

Married ICP (should we not be taxed as a couple i.s.o.a single person)?

  Written by Marc   Posted 23 June 2015

My wife and I are married In Community Of Property (Feb 1977). She stopped work 2002. Why do I still pay so much tax. My income is from my pension (Investment) and I do odd jobs throughout the year. My wife has no income. Should'nt we be taxed as a couple (2 People) instead of me being taxed as a single person? I submit my Tax Return on E-Filing.

Must a capital gain be included in the first provisional return for the year when the gain is made?

  Written by Marc   Posted 23 June 2015

My company sold a property in April 2015. The tax year end is February 2016. Would the capital gain on the sale of the property have to be included in the first provisional tax return in August. The company has never actually traded and has no basic amount.

Tax implications of trading Equity, Bonds, Derivatives, Money Market and Forex.

  Written by Marc   Posted 23 June 2015

What are the Tax implications of trading the following asset classes Equity, Bonds, Derivatives, Money Market and Forex.

Loan from UK - treatment for tax purposes?

  Written by Marc   Posted 23 June 2015

My brother in law is a UK citizen, and wishes to gift his brother, my husband, a sum equal to R1.2 million rand. My husband is not South African, but a permanent resident here. It is his wish then to pay our mortgage bond here in SA with that money. What are the tax implications if any? The bond is registered in my name only. Do we have to declare the money?

Can my retirement annuity and charity contributions paid by my spouse be claimed by my spouse

  Written by Marc   Posted 23 June 2015

Unemployed for past financial year and spouse paid my retirement annuity contributions and donations . Can he claim my retirement annuity contributions and donations against my spouses tax

Can I submit invoices for building material?

  Written by Marc   Posted 23 June 2015

Can I submit invoices of building material I bought for renovation to my house?

Can I submit tax return whilst I'm retrenched

  Written by Marc   Posted 23 June 2015

I was rentrenched now in May the 6th is it necessary for me to submit my tax return for refund

How long is the ITR-DD form valid with SARS?

  Written by Marc   Posted 23 June 2015

ITR-DD FORM I HAD ONE FILLED IN ON THE 14/11/2014 DO I HAVE TO FILL A NEW ONE FOR THIS YEAR

Medical expenses

  Written by Marc   Posted 23 June 2015

I am married in community of property. My wife and I had a baby in February. There were quite a few accounts we had to pay cash. The medical aid is in my wife's name. Are we able to claim the medical expenses we paid out of our own pocket after February but the accounts are in February. Also can I claim some of the medical expenses we paid out for the birth of my son instead of my wife claiming as I am not on the medical aid and do not have any medical expenses. I paid the amounts as my wife had...

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Tax return filling requirements for non resident with SA bank interest income?

  Written by Marc   Posted 23 June 2015

Tim, I am (i) a foreign national (ii) non-resident in SA for tax purposes (physical presence test) and (iii) will likely spend more than 183 days in SA in the tax year 2015/16. My only SA source income is interest income from a bank, which is unlikely to exceed R40-50. 000. Do I need to register with SARS and file an income tax return for the tax year 2015/16 under those circumstances?

Tax due on secondary income

  Written by Marc   Posted 23 June 2015

I currently work a 6 hour day for a company. Tax and UIF deducted and I do receive an IRP5. I want to do extra work. That is work for a different company a few hours a day. Will work approximately 10 to 15 hours a week. They do not want to register me on their payroll. Do I invoice them for service and declare my extra income on my tax return? Will I then become a provisional tax payer?
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