Tax payment?
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?
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?
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?
Posted 14 April 2014
Do my wife and I pay more taxes when married?
Tax implication on initially tax exempt foreign earnings?
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
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?
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?
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?
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?
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
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?
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?
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?
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?
Posted 8 March 2014
Legal consequence for sole proprietor not registered as taxpayer
Tax Return late submit fine?
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?
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?
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
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?
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.
SARS wants me to submit supporting documents, but the document list is empty
Posted 20 February 2014
I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...
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Do I pay tax on interest from a fixed deposit?
Posted 19 February 2014
I have a fixed deposit at a bank for 2 years and interest is accrued yearly but paid on maturity, do I pay tax?
SARS requesting private km and logbook for everyday of the year in addition to business travel?
Posted 18 February 2014
I'm claiming tax on my travel allowance and submitted my logbook based on the SARS logbook. Earlier today I was notified that my travel claim is disallowed. When I called them they said I should add my personal travel and mileage for everyday of that tax year. Is this normal? I thought SARS was only interested in business travel.
Retirement Annuity Topup
Posted 10 February 2014
I am a Pensioner in my seventies. Have a Retirement/Living Annuity ~ R 750 000 and want to top it up with R 500 000(for various reasons).
What is the Tax implication? From the R 500 000 contribution, what can I deduct in the current and future tax years?
Avoid annoyance of IRP6 submission?
Posted 9 February 2014
I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.
How do I avoid filling in a IRP6?
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