Calculate CGT in my company for tax purposes?

  Written by Marc   Posted 23 June 2015

My CC has purchased property prior to Oct 2001 for an amount of R150000. 00 , The CC is dormant and has never traded, I now want to sell the property for R 680 000. 00, what is my tax liability on the CC and what would be the best way to show this?

Investing money at the bank and earning interest and the tax implications thereof?

  Written by Marc   Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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EMP501 manually on eFiling?

  Written by Marc   Posted 23 June 2015

How to submit EMP501's manually on eFiling.

If I leave behind money from a death policy what will the tax be if I leave it to my wife?

  Written by Marc   Posted 23 June 2015

If I leave behind money from a death policy what will the tax be if I leave it to my wife?

Earning a salary in the UK but living in SA.

  Written by Marc   Posted 23 June 2015

This is a question which is related to the question posted below: Posted 2 December 2013 under Tax Questions I'm a South African currently residing in the UK (and have done so for the past 10 years). I will be returning to South Africa as a resident but will still be earning pounds (This is a salary I'm earning from the UK. I basically do Marketing work for a UK based company and get paid in pounds into a UK bank account and also pay taxes in the UK). What is my obligation towards SARS? My qu...

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Is everbody entitled to R500 000 tax free amount on retirement funds

  Written by Marc   Posted 23 June 2015

I have retired at the end of December 2007. At that time the tax free amount was R300 000. Since that time the tax free amount was increased to R500 000. I have a retirement annuity which is due to pay out soon. The 1/3 lump sum which I intend to take is R46 000, Will tax be deducted from the lump sum amount or will it be tax free?

Can I earn a salary on a retirement visa??

  Written by Marc   Posted 23 June 2015

Good Day, if I am from the UK and I am on a retirement visa in SA, and I have bought into a business, is it legal to earn a salary? I am a director of the business. If I am allowed to earn a salary, then must I pay the tax considering what visa status I'm on. If I pay it into my wife's account who is a SA citizen, will that be construed as tax evasion?

Non-resident tax qualification and documentation

  Written by Marc   Posted 24 May 2015

I am a South African citizen, employed by a South African company, which has subsidiaries across the continent. I am being paid out of South Africa, into a South African bank account. I have been seconded to work in East Africa for a year. On my salary, regular PAYE and UIF are being deducted. I plan to spend a minimum of 183 full days (including 60 consecutive full days) out of the country. What else do I need to qualify for the non-resident tax exemption? Are there any particular codes on my p...

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Capital Gains Tax - is it applicable to an immovable property acquired before marriage?

  Written by Marc   Posted 24 May 2015

My wife owned and lived in her flat before our marriage. Since our marriage, my wife moved into my dwelling. We have heard that should she now sell the flat it will be subject to Capital Gains Tax ! We are married out of community of property and excluding the accrual system. My wife current earns R156 000 per annum. Please advise. Best Regards Peter

PAYE evasion

  Written by Marc   Posted 24 May 2015

What happens if someone is not paying the correct PAYE to SARS and they are doing this intentionally?

Evading vat

  Written by Marc   Posted 24 May 2015

What if a company is taking cash and not declaring it to SARS? Does the SARS fraud line worK for real?

Selling software and rights taxation

  Written by Marc   Posted 24 May 2015

I have been developing and maintaining various software throughout the past 4-5 years, I earn a income on the sale of 1 year licenses of these software and declare it as part of my normal monthly income and pay normal income tax on this. I have however been approached by a company wanting to buy the software and all the rights to it from me, how will taxation work on this? I am already being taxed to oblivion and beyond on the sales as I declare it as part of my normal income, would hate to have...

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Capital gains tax on sale of house?

  Written by Marc   Posted 24 May 2015

I bought a house in November 1999 for R275,000. It was my primary residence up to November 2014, since then I rented it out. If I sell it now for R1,000,000 what will the basic cost be? And the capital gains tax?

Will I have to pay more tax if buying property when I dont pay personal tax working abroad?

  Written by Marc   Posted 17 May 2015

Hello, I will be working abroad for a year and upon my return would like to buy a house, what is the tax implication for this? as I would have been tax exempt being out of the country for a year.

Public Benefit Organization rental income tax exempted?

  Written by Marc   Posted 17 May 2015

If a Public Benefit Organization that is tax exempt wants to lease a part of their property for the Establishment of a Telecommunication Basestation, will they loose their Tax Exemption and will they have to pay tax on that rental income?

Definition of a Tax free savings account?

  Written by Marc   Posted 17 May 2015

I am interested to know 'what is the definition of a 'tax free savings account''? Will I have to open a new account or will any savings account qualify for the R30 000 deduction?

Do I need a tax number and do I have to file a tax return?

  Written by Marc   Posted 17 May 2015

I am a pensioner and permanent resident (German nationality) since 1996. My wife and I lived from our savings, never had any earnings in South Africa and therefore never registered for taxes. In 2000 my wife got breast cancer and her treatment negatively influenced our savings. I therefore started consulting work outside South Africa in Zimbabwe, Kenya and Saudi Arabia. I was always more than 1 year working in these countries but never more than 2 years. I am now 71 years of age and got a contra...

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Never had a tax number at old company, new company wants a tax number?

  Written by Marc   Posted 17 May 2015

I am a foreigner and I have not registered for a tax number for five years. I am changing companies and they are asking for a tax number. What do I do?

Tax implications of foreign monetary transfers?

  Written by Marc   Posted 11 May 2015

I am a permanent resident in South Africa, (not employed) Married to a South African. Due to financial constraints I am obligated to transfer some of my foreign savings from my account overseas into my South African Bank account, to pay bills in South Africa (Electricity, home loan etc. ). Would I be taxed on this? I was recommended to put the amount source down as a "gift" by my bank, is this correct?

Paye & uif query

  Written by Marc   Posted 11 May 2015

A 68 year old casual worker (23 hours per week) does he get paye & uif
A foreign contract worker (8 months) does she get paye & uif

Which form do I need to fill in to get registered for tax as a freelance artist ?(Foreign National)

  Written by Marc   Posted 30 April 2015

I am a foreign national student (Zimbabwean), I am an freelance performer, I want to register for tax, which form do I need to fill in?

What is the maximum amount a pensioner can earn from investments to avoid provisional tax?

  Written by Marc   Posted 21 April 2015

I am 73. I earn a pension of R237600 pa before tax. I get rental income on investments of R15000 pa. Do I have to pay provisional tax?

PROPERTY OWNED BY A CC - WHAT IS BEST, SELL THE CC OR THE PROPERTY

  Written by Marc   Posted 21 April 2015

What is best from a tax point of view when selling property (vacant land selling price R1. 5m) owned by a CC: 1. Sell the property out of the CC, or 2. Sell the members' interest

Investments while an expat? Are they taxable?

  Written by Marc   Posted 21 April 2015

I am working abroad and paid by an oversees company and as I understand I am not liable to pay tax in SA as long as I am out of the country for more than 180 odd consecutive days in a year. My question is what about income on investments made abroad in this time, is that also tax free?

IT3a flag stated, but I have my own business (consultant) - how to proceed with TaxTim questions?

  Written by Evan   Posted 17 April 2015

I am a sole practicioner (legal consulting), i. e. my own business, own expenses (work office and home office). I don't have an IRP5 or IT3a therefore. But I keep having the following queries from TaxTim after I've filled in all the questions: "You can't depreciate personal items if your IRP5/IT3a Income section isn't filled in. Fix it" "You can't claim home office expenses if your IRP5/IT3a Income section isn't filled in. Fix it" "You can't deduct other expenses related to income if your IRP5 ...

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