Rental income at a loss

  Written by Evan   Posted 1 July 2015

Hi,

I have a apartment that I rent out. The rental income is R5000 which is R350 less that the total expenses
Levies R680
Rates & Taxes R270
Agent Commision R400
Home Loan Interest R4000

Can this loss be deducted from my annual salaried income, and how do I do this ?

Do I need to apply for a tax directive for my earnings received (private company)?

  Written by Marc   Posted 1 July 2015

Is a tax directive necessary for my consulting firm - I have a private company with 1 employee (myself). I provide consulting services through another IT firm to their clients. I provide the firm with a Sales invoice for hours worked etc at the end of every month. They in turn pay the full invoice amount. I pay myself a fixed salary (PAYE & UIF deductions included) through my business. The remaining amount is profit to the business where we're liable to pay company tax (usually around 7% turnove...

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Will I be taxed on my foreign income that I send to my SA bank?

  Written by Marc   Posted 29 June 2015

I currently work abroad (temporary- for a few years, and am a citizen of SA only). I pay income tax here where I current reside. I have no income from SA. When sending money from my overseas bank account to my SA bank account to pay any SA expenses (bills, elderly care for parents etc. ), what is the best reason to give the bank so that when they report it to SARS, I am not taxed on it again. Both bank accounts (here and in SA) are in my name.

Should the company contributions be omitted on the IRP5 if you have resigned?

  Written by Marc   Posted 29 June 2015

I resigned in March this year (2015) and decided to withdraw my provident fund and reinvest it elsewhere. However, I received my IRP5 from my previous employer without the contributions that was made by the company for my provident fund for the last financial year (Feb 2014-Feb 2015). Is this correct? Should they leave it out because I withdrew my provident fund this year? Does it still affect last financial years contributions? Or should it still reflect the contributions for last financia...

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Will I be penalized for not being taxed from 1999-2012 as I worked abroad?

  Written by Marc   Posted 24 June 2015

Been working abroad in cruise ships between 2003-2012. Returned back homed in 2012 and was unemployed until Feb 2014 where am currently employed. Do I need to supply any other documents to confirm this?

Section 10(1)(o) - "continuous period exceeding 60 full days"

  Written by Marc   Posted 24 June 2015

My question is on Section 10(1)(o): Section 10(1)(o) exempts from tax any remuneration derived by a person in respect of services rendered outside the Republic for an employer if such person was outside the Republic for periods exceeding 183 full days in aggregate during any 12 month period and for a continuous period exceeding 60 full days during that period and those services were rendered during that period or periods For the 60 full day portion: If I travel on day 1 to my place of work out ...

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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?

What is the tax threshold for provident fund payouts?

  Written by Marc   Posted 23 June 2015

I had 2 lump sum payouts ,company shares and provident fund pay,and I was taxed on both occasions, plus I was taxed on PAYE. I'm a bit confused. What is the tax threshold on provident fund and the shares payouts? The total for the lump sum was R200 000

Fyling tax for working on comission only

  Written by Marc   Posted 23 June 2015

I am a locum at a private occupational therapy practice!! I am 28 years old and only working for commission!!!! My employee did not register me for tax so I will not receice an IRP5 form but will have to work out my tax on my own!! I have kept all the devices from income for. Each patient that I saw as. Well as. The proof of. Payment into my bank account that was made as the clients made the payments!! It. Is difficult to. Determine a set. Montly income as sometimes the clients will pay a month ...

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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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Disability Income taxable?

  Written by Marc   Posted 23 June 2015

Disability income was received from medical boarding from work for a few months in the tax year ending 2015. This income was taxed and the amount on the IRP5 shows only one income source code. 1. Is the disability income tax exempt or is it only from 2 March 2015 and 2. Is there a separate tax code for disability income earned.

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?

I worked abroad and want to file my tax return?

  Written by Marc   Posted 23 June 2015

What do I need to submit my tax return if I worked abroad

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.

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?

What papers do I need if I worked abroad and want to submit my tax?

  Written by Marc   Posted 23 June 2015

What documents do I need to submit my tax return if I worked abroad

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?

What is the tax implication for SA residents working and living abroad?

  Written by Marc   Posted 23 June 2015

I am a South African resident working and living in Namibia ie I am permanently residing in Namibia. I get two Salaries one is from a Namibian company, taxed in Namibia and paid into a South African account. The other is paid from a Swiss company to my SA account. My question is do I pay tax on the Swiss income in SA and second when declaring the Namibian and Swiss amounts in my tax return how do I categorize them?

How much once off tax of R200 000?

  Written by Marc   Posted 23 June 2015

I'm already paying SARS from my salary, now im in a stokvel and when its my turn to get money, I will get - R200 000 from other members, how much must I pay to sars?

Tax exemption on South African paid salary.

  Written by Marc   Posted 23 June 2015

With regards to be exempt from tax working outside of South Africa (the 183 and 60 day rule). I earn a salary per month and if I work outside SA I get an extra USD per diem which is tax free (S&T). My question is; can I claim the tax paid on my salary back if I make my days out of the country? Then also does the bank that my company use to pay my salary need to be from a bank outside SA to qualify for my salary tax exemption or is it irrelevant ? In my case my salary gets paid from an SA bank ac...

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How does it work wit the SARS number?

  Written by Marc   Posted 23 June 2015

I would like to know how I go about this I am a foreigner wit all necessary documents am staying legally in south Africa I started to do freelancing of short stories to magazines, now they say I mus have a SARS number so they can pay me,and I wanna know if I should open another acc as e one for nedbank is where my salary gets deposited every month so if I use that same acc wont they be deducting my salary from my permanent job wen its in my account because I do freelancing part time if I qualif...

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Tax on Fixed Deposits

  Written by Marc   Posted 23 June 2015

I am currently saving for a house, so I am investing in a 3 month Fixed Deposit (I want to avoid equity risk for now). I earn approximately 6% pa. What is the limit of Interest Earn that is exempt from tax? If I change the investment term to 1 year, starting 01 June 2015, the investment matures on the 01 June 2016. Do I pay tax on these returns in the 2015 tax year?

UK pension on eFiling - how does it affect my South African taxes?

  Written by Marc   Posted 23 June 2015

Do pensions from England, paid in £ and liable for tax in the UK, need to be returned on my South African, eFiling return and where.

RA transferr versus taxable income

  Written by Marc   Posted 23 June 2015

Hi Tim,

Last year up to July I was paying into an RA with Provider A. I then transferred this to another RA provider B. An amount of R109k was transferred to the new RA after a few deductions. I received a tax doc from Provider A for my contributions up to July. I also received a tax doc for my contributions from new Provider B. However I have just received a tax doc from Provider A stipulating the amount paid out (R109k) and logged against code 3698. This looks like I earned this am...

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