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?
Can I get a tax number as a foreigner
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?
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?
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
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?
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
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?
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?
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...
Read more →
What documents are needed for submission of my ITR12 Tax Return?
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?
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?
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...
Read more →
How much income tax am I liable to pay?
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...
Read more →
When do you submit a return on a fiver year fixed deposit, interest paid at maturity?
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)
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?
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?
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?
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
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
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?...
Read more →
tax rebate on foreign country insurance premium payment
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.?
I need advice on declaring tax deducted on dividends for shares I hold?
Posted 21 July 2014
How and where is Tax on dividends declared on eFiling?
How do I submit for a small business on my ITR12?
Posted 21 July 2014
I'm trying file for a small business and not sure where to do it?
What percentage is payable from $5m inheritance?
Posted 18 July 2014
Should I as a South African citizen inherit an estimated amount of $5000000 from a relative abroad, what percentage of tax would be applied or be payable by me?
Capital Gains Tax - when to pay?
Posted 17 July 2014
How long do you have to pay capital gains tax after disposing of a house?
Older posts →← Newer posts
20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
