Dividends Posts in Tax Q&A

Capital gains in provisional tax returns

Must capital gains from an investment portfolio be included in the Turnover amount for provisional tax returns 1 and 2?

Tax on an offshore shares trading account

Do I pay capital gains on an offshore shares trading account? I have a shares account in the US.

Business Relations

If I am in business with a foreign company, do I have to pay tax in South Africa and abroad?

Can I apply the 183 rule to my income?

I worked in RSA as a full time employee from 1 March 2015 until 30 September 2015. During this time, I earned R660 000. During this time, I was out of the country for 60 days, for business. From 1 October 2015 to 29 February 2016, I worked in the UK as a full time employee of a UK organisation. During this time, I earned R600 000 (in GBP). During this time, I was out of the country for 126 days.

During the full tax year, I spent 186 days outside of South Africa, of which 60 were consecutive, which means that I qualify for the exempt income provision (sec10(1)(o)(ii))...

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When do I declare and deduct maintenance and upgrade to my rental property to SARS?

How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?

Is proceeds from a trust taxable in the hands of the trustee?

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?

Can I get a UK CGT credit against SA CGT?

If I am resident in SA but sell a UK property I will have to pay UK CGT, but as this isn't income tax, will I get a credit for the UK CGT paid against the SA income tax due on the gain?

Is valuation costs of a building that was sold tax deductible?

Is valuation costs on a factory that was sold tax deductible? Or should the fee paid form part of the base cost for CGT purposes?

What should I do with the IT3(a) and IT3(b) I received?

I received it3a and b from GEPF what can I do with it?

Is the interest from an inheritance in a foreign country subject to taxation in SA ?

An inheritance is received by a South African resident following the death of a family member in the UK. The bulk of these funds remain in the recipient's bank account in the UK, with some funds being transferred from time to time, when needed. How is this situation viewed by SARS? Is it necessary to declare this foreign asset together with the annual interest, bearing in mind that the funds originated in the UK, and as a result of an inheritance

How much tax must I pay annually if I'm a pensioner earning investment income only?

I am 70 years old. IEarn R180,000 interest lumpsum annualy. I have a wife without any income.

Where will I complete investment income on my efiling return?

Where is savings interest declared

Tax on interest

Hi. I am unemployed but my income from investments and interest exceeds R30000 but below R75000. Do I pay tax?

Does interest form part of the R75000 threshold or R30000?

Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?

I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?

I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...

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Where to declare foreign inheritance on the ITR12 form.

Is there a place to declare the amount of inheritance I received from my parent who died in the UK on the ITR 12 form. I am a SA resident who pays SA tax. I know I don't have to pay tax on this amount in SA but I dont know where to declare the amount apart from in the foreign assets box.

Assets in the form of Cellphones, Laptops, Cameras - Are these tax deductible as I use it for work

I bought a new Personal Computer (Laptop) for both work and personal use in November 2014 as the 2nd hand ones were always breaking down or crashing. Also bought a new Photographic Camera in 2014 for both uses as well. I also invested in a new Cellular Phone last year as the one I had was 2nd hand and very unreliable. This I done just before embarking on an arduous film shoot in KZN where I would be very dependant on it for communication purposes as to the ever changing schedule. Long story short. . . I have never claimed for wear and tear and as I use it for work purposes too I would like to find out whether its possible as a tax deductible and how I should go about it...

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Are IT3B's required in document verification for a refund?

My interest from local sources (4201) is less than the maximum annual limit allowed by SARS. I was selected for document verification. Do I need to submit my IT3B's for the document verification since this document doesn't affect my refund?

60 day rule

I have an employment contract outside of SA and my employer does not deduct PAYE, do I have to be outside of SA for 183 days of which 60 must be consecutive in a tax year or just in a 12 month period (if contract is from 15 April 2015 - 15 April 2016)?

How should I show dividends

I have received a dividends statement showing that my dividends have been taxed. How do I include this on my tax return?

UK pension paid to SA resident

I receive a UK pension from my late husband private pension paid to me from the UK - would I have to declare it to SARS - I pay tax to in the UK though . . . . . . . . . . . .

How can I pay tax ovr to SARS for my investment income?

I would like to know how do I pay my tax when I receive mi IT3B CERTIFICATE am I suposse to register as a PROVISIONAL TAXPAYER how do igo about doing this it is my first time and is it possible to register as a PROVISIONAL TAXPAYER on EFILLING if so please provide me with steps how to do so.

Tax on pension and shares lump sum payouts

Can I claim tax on my pension withdrawal lump sum payout and on my shares payout

How many "Trade and Professional Income" sections on an ITR12 does a freelancer need?

I'm a freelance creative in the television industry. I work with many clients throughout the year, some deduct PAYE and some pay me the full amount on the invoice. The first question is for those clients who don't deduct tax. I've been working on my tax return on the SARS E-Filing. On my ITR12 I've added a "Local Business, Trade and Professional Income" section to the form, do I create a section per client or per job type? As I'm trading different services for different clients, but I may have 3...

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Foreign investment account

What are my tax liabilities if I open a bank account (from SA) in the UK, transfer funds into that account and then bring those funds back into SA after a period of time?

CGT on transfer of shares

My client started 2 companies and was the 100% shareholder
He now wants to transfer the shares to his holding company
With regards to the cgt calculation can a simple valuation be performed for the deemed proceeds or does SARS require to have it done by a professional
Also - what can we add to the base cost
Can we add the legal costs to create the agreements for the transfer of shares?
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