PAYE regulation regarding 'unpaid salaries'.
Posted 23 October 2014
As a shareholder/director of a PTY, if I received "unpaid salary" that then accumulates in a loan account, would I still be require to pay PAYE, even if no income as such is received?
Do you need to include an assessed capital loss in your tax return?
Posted 23 October 2014
I incurred an assessed capital loss for the 2013 tax year through sale of shares. For 2014, I made a capital gain also via shares. I read that we don't need to include the R30000 annual exclusion in our ITR12 as SARS will include this automatically. Does the same apply for the assessed capital loss? I can't find any place for it in SARS eFiling.
Tax if working in Angola?
Posted 23 October 2014
My husband is working in Angola since September 2013, do we need to fill his tax? He paid tax previously and was working in SA from March 2013 - June 2013? Do we only fill tax for the 4 Months?
Tax rebate for working out of South Africa but paid in South Africa
Posted 22 October 2014
I work overseas , for about 8 months of the year, sometimes 2 months at a time. I am paid by a South African company in Rands into a South African bank account. Is there a tax rebate for this?
Tax obligations on monetary gift from foreign source?
Posted 22 October 2014
I am a UK Citizen and have had Temporary Residence in South Africa for a few of years. I work in South Africa, have a valid work permit and am married to a South African.
My parents in the UK (who are British Citizens) would like to put a gift into my UK Bank Account of just over R1,000,000. My UK bank account has sat dormant for years and I submit my SARS Tax Return with the details of my active South African Bank Account. Will I, or my parents, have any tax obligations in South Africa in relation to the gift? Also, am I required to reflect the gift on my next Income Tax Return in South Africa?...
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claiming rental expenses against bond (residential)
Posted 15 October 2014
Hello Tim,I came across this and would like some advice on whether or not it means I shouldn't claim rental expenses for the space I use for office purposes in my home. I'm still paying the bond towards the property and use one of the rooms as an office. (beware, if you own your home, do not write off a portion of your interest on your bond or rates, as you will lose your primary residence capital gains exemption of R2-million! When you sell your property one day, this would equate to ...
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Help for a non-resident of South Africa fill in tax returns?
Posted 14 October 2014
I am a non-resident of South Africa because I have been living and working in the UK for the past 2.5 years. I had gotten some (bad!) advice from someone that said that I should continue to fill in my tax return because I have not officially emigrated. He said I should just fill in "0" for income and to state that I am unemployed. I went ahead and did this, but now SARS are asking for additional verification documents. I can still amend my return online. I realise now that I probably d...
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Tax question?
Posted 11 October 2014
Hello there, I recently sold my house and invested the money in interest bearing acc. I have now moved to the Uk. I needed to get tax registered to sell my house. Prior to this I was not working as my partner supported us. I beleive I have to do a tax return. I registered for my tax number online but have not been able to get registered to do a return online as it comes back as incorrect data. I beleive the number was registered at Germiston or Alberton office. Can you register me online for ...
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How do we treat annual exclusion when the taxpayer has made a Capital Loss?
Posted 9 October 2014
CGT QUESTIONÏs the taxpayer entitled to annual exclusion if they made a Capital Loss? If Yes, what does the exclusion do to that loss (reduce or increase) ?
Changing Bank Details to Home Country bank account
Posted 7 October 2014
I am going back to India permanently. I have done eFiling this year, and the returns is credited to my SA bank account. I like to get next year's return to my Indian account. Can I change the bank details to my Indian Bank Account, so that next year returns would be credited to my Indian account. If yes, how can I change it? Can I change it via eFiling, or do I need to visit the SARS office before travelling back? What all documents are required? What is the procedure?
Tax Implications Of a Cash Gift/Loan Between Family Members
Posted 30 September 2014
My wife received a R250K cash gift (or loan) from her mother on the condition that it should be repaid if the mother needs it back - otherwise it is to form part of her inheritance.Is there any tax implication to this besides my wife declaring the interest earned on this amount as taxable income on her returns?
Where do I declare exempt income from the UN?
Posted 19 September 2014
I work for the UN in South Africa, and have a letter stating that my income is exempt as per article IX of the convention of Priveledges and immunities dated Fenruary 13 1946, where do I put the amount earned in my return? Is it part of exemption under s10(1)(o) or do I declare it under other, in the exempt income?
Do we include inheritance and personal property as a sole prop when filing small business tax return
Posted 17 September 2014
I'm helping my mom do her tax for her small business. We have deducted all the necessary amounts under the expenses section. My mom owns a house that is standing empty and she has a small inheritance of about R100 000. she is a sole prop. do we have to declare this? they are not part of running the business. this is invested in a money market account. she does declare the interest earned to tax.
Check suitability of Tax-Tim format for specific taxpayer
Posted 8 September 2014
Please let me know if Tax-Tim Smart deals with 1. ...share portfolios and resultant dividend tax and CGT2. ... portion of medical aid contribution paid by ex-employer, in case of retired person3. ...with state pension received from foreign country
eFiling restricts the way in which the different methods of calculating CGT may be entered?
Posted 6 September 2014
There are 4 methods of calculating CGT. A primary residence sale using method 1,2 or 3 shows a capital gain. eFiling appears to restrict the manner in which the figures may be entered. How may I enter one or other of the methods of calculating the gain?
Is the Protea Cricket players taxed on their match fees while outside the Republic?
Posted 1 September 2014
There is an argument that those members of the 2013 cricket team who played in all the test matches and all the one day internationals will notbe taxed on their match fees or any other earnings from the tours (including 'Man of the Match' awards and a portion of their salary from the cricket board) whist they were outside the Republic. But what of the earnings of those members of the team who wereonly selected for a few test matches and one day internationals (perhaps in only onecountry) but sta...
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IT3b documents received from my investment house, what do I do with them?
Posted 30 August 2014
Where do I enter info from IT3b certificates?
Interest before death of spouse and thereafter on the tax return?
Posted 27 August 2014
I have to complete a ITR12 for a deceased lady, who only received interest income together with the husband.
They are married in community of propery.
How is the before and after death interest shown on both returns
How to calculate tax payable on CGT for tax year 2015?
Posted 26 August 2014
How does one calculate tax payable on CGT for tax year 2015?
Primary Residence Capital Gains Question?
Posted 25 August 2014
If I rented out my primary residence in JHB, while myself renting another property in CT (in lieu of my primary residence) for a period of 6 years, and then sold the primary residence in JHB to buy a primary residence in CT - am I liable for Capital Gains tax on the primary residence in JHB?
Are small courses taken by me deductible for tax purposes?
Posted 25 August 2014
Just a quick question, I was paying for a course myself that most companies send their employees on. This course ran over 12 weeks and is extremely expensive. Is it possible to claim this also from Tax?
Will SARS suspect me of tax evasion If I don't declare a watch(R23 000) donated to a friend.
Posted 25 August 2014
What happens if SARS finds out about a casual gift(a watch) I have given to a friend. Will SARS investigate me for tax evasion if I have donated a watch valued at R23 000 to a friend and I have not declared any details relating to that donation on any tax returns. I'm aware that I would qualify for the R100 000 general exemption for donation.
Is it possible for me to do my own business tax returns?
Posted 20 August 2014
I am having my own business for which I fill tax returns. Is it possible to do them on my own
2015 Provisional Tax figures please?
Posted 18 August 2014
1. Tax tables for 20152. Tax Rebates - Primary & Secondary3. Tax Thresholds for over 654. Exempt portion on investment interest - over 65
Can attorney's fees be deducted against rental income?
Posted 16 August 2014
I bought an investment property in the 2014 tax year, which I currently rent out.
In the process of buying the property I paid the transfer attorney fees of R10 620 and the bond attorney R12 963.
Am I allowed to include these amounts in my ITR12 tax return as Local Business Expenditure under Legal Fees or some other category?
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