Are small courses taken by me deductible for tax purposes?

  Written by Marc   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.

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

Can I get a tax number as a foreigner

  Written by Marc   Posted 16 August 2014

What can I do to have a tax number?. I am a foreigner and my our company had been deducting tax from my salary for a year now.

Taxation of individual shares versus unit trusts?

  Written by Marc   Posted 15 August 2014

If I purchase equities, as I understand it, I will need to hold each share for at least three years for any profit to be deemed capital (CGT) and not revenue (full profit included in taxable income.
BUT - if I purchase unit trusts, as I understand it, I can sell them at any time (no 3 year waiting period), and only CGT will apply.
Is my understanding correct, or does the three year rule apply to unit trusts as well?

Tax Free Unit Trust Investments?

  Written by Marc   Posted 15 August 2014

Is there any other tax saving unit trust that one can invest in other than an RA or Pension fund. I heard there is a R 30 000 pa allowance if you invest in the right unit trust (or is this from 2016?)

Do provisional tax payers that have PAYE deducted and paid over monthly have to submit 1/2 year retu

  Written by Marc   Posted 15 August 2014

If I am a provisional tax payer and my company pays my PAYE over to SARS on a monthly basis, do I have to fill in the half return. Can I not just state that PAYE is deducted and paid over monthly. I earn dividends and some interest over and above my monthly salary.

Shoud I (non South African) pay tax on my global income which comes to my non resident account?

  Written by Marc   Posted 12 August 2014

I am a foreigner working overseas. My spouse, also a foreigner, lives in South Africa on a work permit and pays taxes here. When I am not doing my consultancies, I come to South Africa to stay with my spouse. I have recently opened a non resident account in South Africa so that my consultants fees can be paid to the account here and it will help me with liquidity as well as eventual investments that I may want to make. What is my tax liability in South Africa?

State pensions received from foreign country

  Written by Marc   Posted 9 August 2014

Are state pensions received from a foreign country taxable in South Africa in cases were contributions to such pension fund was paid while permanently residing and working in said foreign country? Must such amounts be declared as income? Are the banks obliged to advise SARS of such pension money transfers from foreign source?

Can improvement be expensed if they are done specifically for an increased rental?

  Written by Marc   Posted 6 August 2014

I own an investment property. The rental agent has advised me that in I can increase my monthly rental markedly by doing various improvements. Can this be construed then as expenses in the production of income, or must the improvements be capitalized? Ideally I would want to expense at least a portion of the improvements.

Do I need to declare my foreign income on my ITR12?

  Written by Marc   Posted 6 August 2014

I was living and working outside of SA for more than 6 months in the last tax year. On the first page of the tax return, it asks if I was unemployed for the full tax year. I called an agent at SARS and explained that I was unemployed in SA but employed in the UK for the tax year. She asked if I have an IRP5, which I don't as I didn't work in SA for the tax year. She then said that I would then say that I was unemployed.

I am wanting to check if that is correct. I understand that my i...

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What documents are needed for submission of my ITR12 Tax Return?

  Written by Marc   Posted 3 August 2014

What is IT3b? And what other documents are needed from me so that I can submit my returns?

Do I have to pay tax on medical aid contribution paid by my employer from whom I retired?

  Written by Marc   Posted 31 July 2014

I am retired but my previous employer still pays a part of my medical aid contribution on my behalf. Do I need to get an IRP5 from the employer even though I am not on their payroll any more or is this income exempt from tax?

What qualifies as a PBO donation?

  Written by Marc   Posted 30 July 2014

Hi Tim,I have file my tax return for the 2011 and claim for donation on the code 4011 for the amount of R13500.00 to church of my choice for the faith of goodwill. All payments have been made in cash payments for that tax year of 2011. To my question is SARS selected me for auditing and I have provided them all documents like my medical aid certificates, RA Old Mutual ITC and my IRP5 certificate for 2011. Do I still need to provide the proof for that donation of the above amount and do I need to...

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How much income tax am I liable to pay?

  Written by Marc   Posted 29 July 2014

I earn a monthly commission, my "employer" requests me to invoice them for the commission and I then get paid the full commission earned. From the Commission I earn I have to pay 2 labourers to help deliver the stock I sell as well as supply the vehicles and fuel. I also supply all office equipment, telephone and stationary, these expenses are all calculated into my "commission". How do I go about paying tax as the total commission earned is not what I actually earn? I know the "employer" does n...

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When do you submit a return on a fiver year fixed deposit, interest paid at maturity?

  Written by Marc   Posted 29 July 2014

when do you submit a return on a fiver year fixed deposit, interest paid at maturity?

What is income tax IT3(b)

  Written by Marc   Posted 28 July 2014

What is income tax IT3(b)

Can portfolio management fees be included in the base cost part of the CGT calculation?

  Written by Marc   Posted 28 July 2014

CAPITAL GAINS; My broker issued an itc3 showing a capital gain of R955 000 for the last tax year.Else where on the tax report is shown a sum of R120 000 being portfolio management fees. Can I deduct some or all of this fee as part of the base cost in calculating GCT?

Tax refund from SARS?

  Written by Marc   Posted 26 July 2014

If I buy a property worth R400 000 cash, can I claim tax refund when I submit my IRP5 and how much will I get back as a refund?

CGT Calculation for non resident?

  Written by Marc   Posted 25 July 2014

CGT
I inherited shares in a 3 private companies at a total value of R650,000.00 in 2003.
I intend selling all the shares at a total price of R2,500,000.00.
I would thus make a capital profit of R1,850,000.00
I am a non resident of South Africa and a citizen of and tax resident of Australia.
I pay taxes in South Africa on dividend and interest at a tax rate of 18%.
What would my CGT liability be.

Working for a boss and using your salary to fund your own private company

  Written by Marc   Posted 23 July 2014

I am permanently employed at a company and receive a monthly salary, which I would like to use to fund my own business which is a registered pty ltd.

At present all my business expenses are coming off my personal account, but I would like to pay them from my business account, which means having to transfer of my salary into my business account.

What are the tax implications and what would you advise I do?

eFiling: Relocated overseas, no South African bank account and not returning to South Africa

  Written by Marc   Posted 22 July 2014

I moved to Australia from South Africa in June 2014. I closed my bank accounts as I won't be returning to South Africa. I was studying full time during the 2014 financial year so my tax return is NIL.

My question is how do I fill in the bank account declaration section (on eFiling) since I no longer have a South African bank account? Do I update my details to "I don't have a local bank account" or do I keep my previous banking details on the form as I closed my bank account after the 2014 year end?...

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tax rebate on foreign country insurance premium payment

  Written by Marc   Posted 22 July 2014

While residing in New Zealand, my wife and I (both South Africans), took out a life insurance policy each with AIA New Zealand. We have returned to SA and pay the policy premiums annually Paid through my bank, Nedbank, Foreign Exchange. This years premiums totalled r22 000. Premiums increase annually due to the exchange rate. I would like to know whether I can claim a rebate from ZARS when I submit my tax return to ZARS.?
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