VAT Returns not submitted by 25th, I need to submit manually because efiling not activated by SARS?

  Written by Marc   Posted 26 June 2014

I've recently registered as a VAT Vendor. I now have to submit VAT returns so I registered for SARS eFiling last week and faxed through the form as well as my ID to SARS to file online. According to the website this should be activated within 24 - 48 hours. Its now 4 working days. When I called SARS they said I should submit my return manually. The problem is its passed the deadline for 25th. How do I avoid interest and penalties.

Donations tax w.r.t children

  Written by Marc   Posted 25 June 2014

Can a parent contribute money towards the purchase price of a child's new home without being liable for donations tax if the amount is more than R100,000?

Outstanding tax returns deceased 87 year old.

  Written by Marc   Posted 21 June 2014

My 87 year old father passed away in Feb 2014. The executor of the estate told me that they can't finalize estate because he hasn't submitted tax returns since 2010. All documents I have is his bank statements. He was a retired farmer and did not receive a pension. What should I do?

Do I pay tax on interest in RSA when living and working abroad?

  Written by Marc   Posted 6 June 2014

I am a South African but I have been living and working in Thailand for almost 4 years, and thus pay no tax in SA. I only visit SA for about 20 days a year.

I recently married an Australian and we want to open a fixed-deposit account in SA to make use of favourable interest rates.

If we both continue to live and work in Thailand, do we need to pay tax on the interest earned on that account? It will be about R100 000 per year.

Are investment funds still taxed at marginal rates for early retirees?

  Written by Marc   Posted 2 June 2014

If I retire before the age of 65, using only investment income from interest earned on funds saved in the bank, would I still pay tax at the existing marginal rates? Or, would I qualify for a lower tax rate?

Tax payment?

  Written by Marc   Posted 12 May 2014

What causes one to receive correspondence from SARS?

Retired 6yrs ago at 58, receive rental income of R90,000pa. Do I submit return? Am I in arrears?

  Written by Marc   Posted 4 May 2014

I am now 61 years old and retired Feb 2008. Up until then all taxes were up to date. Since then I moved and receive R90,000 pa rental income from my fixed property. I wish to establish if I am liable for any taxes on this rental income and if I must re register as a provisional tax payer in the light that I have never received any notices from SARS since retirement.

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

  Written by Marc   Posted 29 April 2014

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

Do we pay higher tax rates?

  Written by Marc   Posted 14 April 2014

Do my wife and I pay more taxes when married?

Tax implication on initially tax exempt foreign earnings?

  Written by Marc   Posted 7 April 2014

Hi Tim, reading through your blog I am quite confident that my foreign earnings will be tax exempt...thank you! I start a working contract as a salaried worker in Saudi Arabia this September. I am thinking of transferring the bulk of the money into my South African cheque account on a monthly basis and maybe from there into a market linked account.

My question relates to tax implication at this point. Do I pay SA tax on just the interest earned thereafter? Does the capital get taxed in subsequent tax years? ...

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How to treat foreign income

  Written by Marc   Posted 5 April 2014

I am a SA citizen and live outside SA with my family(since 1998). I have bank accounts and property investments in SA, and I still fill tax return every year. My salary income is all foreign though. I visit SA almost every year for a period of 4-6 weeks for vacation); sometimes another 2 weeks over Christmas. I also own foreign property.Questions:1. Should I declare my foreign income?2. Should I declare my foreign property in any way, purchase, rental income, sale?

Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

  Written by Marc   Posted 4 April 2014

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

Won't I be penalised if I did not submit last year cos I did not have a medical aid?

  Written by Marc   Posted 3 April 2014

I receive my IRP5 every year, I never submitted them to receiver because all along I did not have a medical aid or a retirement annuity. Last year in September I then joined the Government medical aid and it was also stated in some articles that if you don't have one of the mentioned and earning below 250 000 per annum there was no reason to submit. This year I will do my submission since I have a medical aid.

My question is won't I be penalized for not submitting last year due to th...

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I have to borrow money from a friend to make ends meet, how do I get back on track with my tax?

  Written by Marc   Posted 30 March 2014

I used to be permanently employed, paid the normal PAYE every month, and all that. I dutifully submitted my tax return every year and got my refunds from SARS very promptly. I then left the company and did a brief stint at another firm whose business was totally unrelated. I then decided to go on my own and start working as an independent. Things didn't go as well as I'd hoped and I didn't earn enough to support myself and my children, let alone, pay any tax. A friend has been helping me to make...

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"Temporary expat" liable for South African tax?

  Written by Marc   Posted 25 March 2014

I left South Africa in Feb 2013. I started a limited company in the UK in April 2013. Myself and my wife are shareholders of the limited company, we're paid a salary and declare dividends.We're now moving to Germany, I have 2 homes in South Africa... one of which is currently under offer. The other is occupied by a caretaker.I understand that I need to submit a "nil tax return" this year and for any other years that I'm out of the country, but am I liable for any taxatio...

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Can I pay tax in advance (est) without complicated forms.Then do forms annually and pay difference

  Written by Marc   Posted 24 March 2014

I always need to pay money to tax at the end of the year. I know it is about R 12,000. Or R1000 pm. Why can I not pay in say R1000 pm Estimate without filling in complicated forms, then fill in complicated forms once a year. I.e. pay in what I think monthly. i.e. accumulate tax credits via payments ahead of the final annual analysis.. i.e. just pay initially when I can afford, and pay in the difference after completing complicated forms at financial year end.

Does devaluation of the rand cause a tax liability?

  Written by Marc   Posted 19 March 2014

If my overseas holdings increase in value solely due to devaluation of the rand, is such an increase taxable?

Do I need t pay the non-compliance penalty fee with SARS?

  Written by Marc   Posted 18 March 2014

I registered with SARS in 2010 and have been filing ever since. I recently received a non compliance penalty fee for 2008 and 2009. It's only R500 (R250 for each year) Do I have to pay this if I wasn't even registered in those years and did not receive IRP5's from my employer then either?
I managed to get the IRP5's and I filed them last week but still am being told I need to pay the penalty fee.
If I am going to dispute it, will I be charged interest or more penalties whilst it is busy being disputed?...

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Can I declare extra income at the end of the year, or must I register for provisional tax now?

  Written by Marc   Posted 10 March 2014

If I did some freelance work in 2013 / 2014 tax year, will I pay a penalty if I only declare my extra income when I do my regular return?

What are the legal consequences for sole proprietor not registered as taxpayer?

  Written by Marc   Posted 8 March 2014

Legal consequence for sole proprietor not registered as taxpayer

Tax Return late submit fine?

  Written by Marc   Posted 3 March 2014

What is the maximum percentage of additional tax that you may be required to pay if you submit your tax return late?

Resubmitting an assessed and audited tax return?

  Written by Marc   Posted 27 February 2014

How do I go about changing a tax return (increase income), that has been submitted, assessed and audited (no problems found by SARS) in a prior year? If indeed possible, would there be any penalties? (Assuming that taxable income remains below the thresh-hold).

Type of tax to be paid and how?

  Written by Marc   Posted 26 February 2014

If I invest a lump sum in a diversified portfolio of shares, bonds and property and plan to earn an income from the capital, say R100 000 a month which type of tax would I pay and how?

Business returns and provisional tax

  Written by Marc   Posted 24 February 2014

Must I make payment immediately on e-filing where it says "make payment" or must I wait for SARS to email me for confirmation amount due?

Deductions on rental income - what is allowed?

  Written by Marc   Posted 21 February 2014

When doing deductions from rental income, for tax purposes, please advise which of these are deductible:
1) Monthly service fee charged on the bond;
2) Special levies raised for: Water meters (each unit is to have its own water meter, as per municipality); carports (I doubt it, as this is of a capital nature, but please confirm); garden tools.
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