Corporate Social Investment for tax purposes?

Posted 6 March 2015

I am wondering about the Tax Benefits for companies that donate money for CSI (Corporate Social Investments) is there a certain starting amount companies need to donate? How do I know if my company donates to a charity or NGO that I will get the Tax Benefit? What paperwork should I be asking to see from the NGO or Charity. Your assistance would be greatly appreciated.

Am I correct in what I propose doing?

Posted 2 March 2015

I have dual citizenship. I have resided in the UK for the last 5 years with my children. Income from living annuity is being limited to 3%. I plan to sell my shares over 8 years and remit the proceeds together with the annuity to cover my living expenses and then increase my annuity to cover future shortfalls on my living expenses. I am 75 years old. My intention is to keep my taxable income below the tax threshold. I pay 15% WHT on dividends. I earn no income from any other source in South Afr...

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Where to declare foreign income on ITR12

Posted 28 February 2015

I am in the US on a work visa. I have not been back to US in over 2 years. I have South African rental income for the 2014 tax year but no salary income. Where do I declare my foreign income on my ITR12? Is it under SARS code 4222 or Exempt Amount i. T. O. S10(1)(o), or both?

Do foreign nationals working fulltime with part-time work declare tax for monies paid?

Posted 27 February 2015

I am a foreign national on a work permit currently permanently employed and also want to start free-lancing/consultation work. I have had calls from companies/businesses needing my skills and I decided to register a company in my name at CIPRO. The issues are I need a business permit to open a bank account and then register at SARS but this is a huge mountain to climb due to the "unfavorable" requirements required by Home Affairs. If I go ahead with this work whilst I work on my busine...

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Role of SARS in NGO's

Posted 25 February 2015

What is the role of SARS in non-profit organisation?

What are the tax implications of transferring shares without selling them?

Posted 23 February 2015

If one were to transfer shares in a listed company from person (a) to person (b) without selling them is the only tax implication the STT (securities transfer tax) of 0. 25% of the value? Does person (a) have any other tax implications? and when person (b) sells the shares what would the base cost be? (the same as person a's cost or 0 as person (b) did not pay for the shares)

I need assistance regarding provisional tax

Posted 17 February 2015

I am a full time salaried employee who earns a monthly salary from my employer which is taxed. However I also do 'contractual' work for the same employer that is not taxed like my salary is. I started receiving this additional income from September 2014 - February 2015 and in total I would've received R22,000 income that has not been taxed by the end of Feb. I want to know if I need to register for provisional tax? How much would I be looking at paying? I do have expenses that I would like to in...

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TAX ON FOREIGN INCOME

Posted 14 February 2015

What EXACTLY does this mean:"Foreign tax credits for this period (6 months) - if you earned money from overseas and any taxwas withheld or paid, include that amount here"?I get rental money (paid into an account in the UK) from a flat I own in London. I have to pay tax on that in the UK. So what does the above mean as far as I am concerned (I'm completing my second IRP6 for 2014-2015 period)?

Foreign income tax for SARS?

Posted 11 February 2015

I'm moving back to South Africa after 5 years but have forex investments abroad, I will be transferring the profits to my south African bank account monthly once I am back, how will I be taxed for this? if I keep the money abroad will it change things?

Tax on interest income?

Posted 6 February 2015

What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?

Wasn't earning, now earning what will I pay in tax and do I go to SARS instead of eFiling.

Posted 5 February 2015

I'm a work at home struggling writer who doesn't get much work. I added up my bank statement for this year and I earned about R100k. I've been doing eFiling since it started but was told two years ago not to submit a tax return since I earned too little. R100k puts me into a tax bracket - do I go to my local SARS and fill in a form or do I do this online? BTW I bought a PC and Monitor, can I deduct that.

Freelance Income from International Clients on ITR12?

Posted 4 February 2015

I have a international client that pays me monthly but they cannot supply me with an IRP5 since they not based in SA. How do I go about paying my tax?

Addional income from Mauritius - where do I include this on my return?

Posted 2 February 2015

I am employed in South Africa, and I am a South African tax resident. I have the opportunity to do work for a Mauritius company. Essentially I will be on a South African company's payroll as well as a Mauritius company's payroll. I will be spending less than 60 consecutive days in Mauritius so I will remain a South African tax resident. How will my additional income from Mauritius be taxed? Will I have to pay PAYE in Mauritius and pay tax again when I submit my return to SARS?
I have heard ...

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When primary residence becomes secondary residence, what happens to capital gains tax?

Posted 2 February 2015

I bought my flat 7 years ago for R1 million, and it's probably worth R2. 5 million now. It's been my primary residence up till now, so I know I won't pay capital gains tax on it if I sell it right now. But what happens if I instead buy a new house to live in, and keep my flat to rent out (so it becomes my secondary residence)? Say I sell the flat in 3 years for R3. 5 million. Would the capital gains tax be calculated by subtracting R1 million from R3. 5 million to get R2. 5 milli...

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Where to put interest earned on income tax return

Posted 2 February 2015

Where do I complete interest earned on my return?

How to submit tax for freelance work

Posted 2 February 2015

I have been freelancing for 8 months now and have generated some income. How do I submit my tax return for these cash deposits? They are all different amounts from different clients. I obviously do not have an IRP5 as these were cash based payments.

How to calc and when to pay CGT on a once off payment?

Posted 28 January 2015

received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:...

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Offshore Tax working for SA company

Posted 28 January 2015

I work offshore for a SA company and as such have monthly tax deductions. I have been out the country for more than 183 days of which 105 days were consecutive. Do I qualify for tax exemption and able to claim my tax back?

Source code 3022 - PROFIT FROM TRADING ACTIVITIES (TAXABLE) not on eFiling

Posted 28 January 2015

I am trying to declare the profit on the trading of shares (non-Capital gains) in e-filing but the required source code (3022 PROFIT FROM TRADING ACTIVITIES (TAXABLE)) is not available on the pop-up list and I cannot force any other source code than those on the system. What do I do now?

Tax refund on inheritance

Posted 28 January 2015

My partner inherited some money (from policies and investments) over the last financial year and paid a lot of tax on the payments. My question is, because he is not employed, can he claim any of the tax back?

Declaration of donations for tax purposes on the ITR12?

Posted 26 January 2015

My wife is a housewife and does not earn any income. I regularly make investments for her into unit trusts. Do I have to declare these donations to SARS? Thank you

What declaration must a partner in an investment partnership include within his/her tax returns?

Posted 25 January 2015

A number of individuals contribute monthly towards a partnership whose sole business is investing in the stock market. This results in capital gains and interest being earned on an annual basis. The administrator of the partnership issues an annual statement which reflects the % holding, interest and capital gains/losses which were derived during the relevant tax period. This annual statement is issued by the administrator for purpose of the individual partner's tax declaration in respect of the...

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S10(1)(o)(ii) - does all the time out of SA need to be spent actually working?

Posted 25 January 2015

I am a freelancer, and last year I spent 248 days out of SA, in three blocks (including one block of more than 60 days). During some of this time out of the country, I did some contract work - two jobs for two different foreign companies, and one job for a South African company. But I spent much of the time not actually working, but travelling/holidaying. Of the 248 days, only 97 were spent on work contracts. So I just want to clarify whether the income I earned on those three contract jobs is t...

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Do local dividends do they get reflected on an IRP5?

Posted 19 January 2015

Local dividends do they get reflected on a IRP5?

Can I distribute dividends on the DTR01 form to more than 99 beneficieries ?

Posted 19 January 2015

I have a query regarding the DWT01 form on e-filing, we need to distribute dividends to /- 154 beneficiaries and according to my knowledge you can only select 99 beneficiaries to distribute to on the DWT01 form.

Will we able to distribute to more than 99 beneficiaries on the DTR01 form on a single period?
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