Refunds on Withholding Tax?

  Written by Marc   Posted 4 November 2014

We have a Company based in South-Africa but all the work (professional engineering services) we do is for a Company Based in Tanzania. At the end of each service provided to this company we Invoice them and when they pay us they deduct 15% Withholding tax. Each year we receive Withholding Tax Certificates from this Company which we then submit to SARS when our accountant does the Company Tax Return via e-filing. The Withholding Tax Certificates we submitted to SARS this year was for the value ...

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What is the 12 month period to be exempt form income tax?

  Written by Marc   Posted 3 November 2014

From when is the 12 month period you must be out of SA to be exempt from SA income tax?

Can South Africans work tax free in South/ Central America ? Or is this only applicable to the Gulf.

  Written by Marc   Posted 29 October 2014

Tim, I am an engineer and I want to take my family to South/ Central America and go work there for a few years for an international company. The aim is to make as much money as possible. Would I have to pay tax in any of the countries in South/ Central America ? I did something similar working in the gulf and didn't have to pay tax at all as I was out of South Africa for 15 months. That was 10yrs ago. Would the same hold for all countries in South/ Central America or does it depend on the specif...

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Additional Income - is it taxable?

  Written by Marc   Posted 28 October 2014

I currently earn R12650 R1391.50 shift allowance per month through my company. I will be getting an additional income R8085 from next month separate to my employer.
1. Do I need to declare this additional income?
2. Will this push me into the next tax bracket and what will be my tax amount?
3. How best can take advantage of any tax benefits for this additional income?

What is included in 'Cash on Hand'?

  Written by Marc   Posted 24 October 2014

HiI've received two IT3(b) forms from Nedbank. One is for a Park It Account (which is a 24 hour interest bearing account) and the second is for a Savvy Account (which is considered a cheque account and bears no interest).When it comes to completing my ITR12, under Local Assets, I have an amount which needs to be entered as Cash on Hand.Now I have a closing balance for 28/02/2014 for both the Savvy Account and for the Park It Account, do I add the two values together and state them as my Ca...

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PAYE regulation regarding 'unpaid salaries'.

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   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)

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   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

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   Posted 30 August 2014

Where do I enter info from IT3b certificates?

Interest before death of spouse and thereafter on the tax return?

  Written by Marc   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?

  Written by Marc   Posted 26 August 2014

How does one calculate tax payable on CGT for tax year 2015?

Primary Residence Capital Gains Question?

  Written by Marc   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?
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