UK pension paid to SA resident

Posted 1 July 2016

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 . . . . . . . . . . . .

Admin penalty due

Posted 1 July 2016

I am really worried about an sms I got from SARS saying I have an admin penalty!- I have not submitted a return since 2013 because I didn't think I needed to and had no deductions. What can I do and how much will it cost for you to get all of it in order soon?

Provisional Tax on capital gain

Posted 28 June 2016

Have just sold a property and have made a large capital gain and will have to pay tax on this in 2017 tax return, will I need to include more funds to Provisional tax or can I wait till I get my 2017 assessment, and so get interest.

IT3(B) received

Posted 20 June 2016

I received a letter from GEPF stating that interests received to SARS is R15000 so what must I do go to GEPF OR SARS

Deductions against rental income

Posted 15 June 2016

I have moved from CPT to JHB. I own a house in CPT which is now being rented out to tenants. In JHB I am currently renting. From a SARS perspective, do I need to declare the rental income as I only own one property and its not a second property bringing in an extra income? What I receive as rental income in CPT immediately covers my rent here. So I do not gain anything. In face what I am asking as a rental is the same as what I pay for my rent here.

old nil returns

Posted 13 June 2016

my wife would like to use your service. Her scenario, she used to work up to 2009, then became a housewife till mid 2015 when she started working again. Before, she never earned enough to file tax returns (dunno if that's still effective). She does have a tax number and would need to do her tax return this year. Se started working 1 July 2015. Would the lite or smart package be sufficient and is she most likely looking to have some penalties?

Foreign investment account

Posted 10 June 2016

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?

I am married in community of property, how will I be taxed on an investment?

Posted 3 June 2016

How will I be taxed as I am now retired an have invested the money and draw monthly interest we are married COP monthly 13k

Can I be considered an independent consultant?

Posted 3 June 2016

I am currently an independent consultant, however at the moment 80% of my income does come from a single client. This is because I have not yet found more clients. I am not sure if I am to be treated as an employee based on what I have found out so far. I would strongly prefer (for client and me) to be treated as an independent consultant for tax purposes. Can I register for provisional tax as an independent consultant?

Some more information:
- I'm on retainer with one client for an average of 2 days per week (16 hours per week) since March 2016. - I bill monthly as a sole prop, highlighting the work I have completed and invoice a set amount as per the retainer agreement...

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Which proof of expenses should I hold onto?

Posted 2 June 2016

Which receipts should I take a picture of?
Or, which expenses should I note down in preparation for tax time?

Members loan

Posted 1 June 2016

I have a member loan account of approx R1m rand. I wish to reduce this by R100k by transferring this money to my personal bank account. The members loan account is interest free. What are the tax implications for my company and my personal tax? and how should I declare it on my tax returns.

Late Objection

Posted 31 May 2016

My 2015 tax return was finalised in Feb 2016. I did not object to the assessment within 21 days. Can I do object at this late stage?

Does capital gain require registration as provisional taxpayer?

Posted 30 May 2016

If I make a capital gain do I need to register as a provisional taxpayer?

Will SARS penalise me for outstanding tax returns?

Posted 30 May 2016

I'm not sure if I disappeared under the radar for some time now due to generating my own income for years barely surviving and then going bank. At that stage I was a provisional tax payer. Years down the line I did contract work making ends meat. I eventually got a secure job since 2013 - probably not earning enough to register as a tax payer in order to submit tax returns? However I think this might be a different scenario now.

Tax on part time work

Posted 27 May 2016

I am currently employed and my employer pays PAYE. Recently I undertook small part time jobs probably totaling around R40 000 income for the financial year. Do I need to register as a provisional tax payer, or can I declare this additional income under the local business section of my SARS tax return?

what expenses can i claim if I own a taxi?

Posted 26 May 2016

If I own a second vehicle and use that second vehicle 100% as a Taxi. Would the tax be payable on only the income or payable on income - (minus) expenses?

For example, monthly costs breakdown as follows:

Expenses: Vehicle Repayment Costs - R1500 / Vehicle Insurance: R1100 / Vehicle Tracking Costs: R100 // Total: R 2,700. 00

Income: R 8,000. 00

Income (R 8,000. 00) - Expenses (R 2,700. 00) = R 5,300. 00

My question is. Would I pay tax on the income of R 8000 before deducting expenses...

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Not a South African resident, but have a local investment, do I need to pay tax?

Posted 25 May 2016

I'm a dual citizen having both South African and British citizenship. I have worked all my life in UK and am in full time employment under a contract with UK employer. I tax return to South Africa once every year and stay for a holiday between 4 to 6 weeks. If I invest in a fixed rate account of some R500 000 over 5 years, am I liable to pay any tax on that investment product as I'm not ordinary resident in South Africa for tax purposes not indeed even have a South African tax number

Increasing rental property loan to reduce home loan?

Posted 24 May 2016

Is it possible to take some equity out of our rental property by increasing our loan on that property to put against our home loan and would the increase in interest on our rental property loan still all be tax deductible?

Can I deduct the commission earned by the attorney on a deposit?

Posted 24 May 2016

We bought a house and gave a large cash deposit to the attorney to hold. The transfer of the house took a while so the interest accrued amounted to some R65000. However, the attorney took as a commission about R10,000. Both amounts are shown on the IT3b. SARS included the total interest on my tax return but disallowed the deduction. Is there any way to get the deduction?

SARS Penalty for late tax return submission 2015

Posted 24 May 2016

I haven't done my taxes for 2015. Will I get a fine?

PAYE vs Provisional tax for a member of a CC

Posted 23 May 2016

I am a member of a CC and have 80% interest in the company. I run the operations of the company and have been paying myself salary. The company never registered for PAYE as I was paying provisional tax and I was the only one earning a salary. Now the company is hiring more people and we have registered for PAYE/UIF. DO I carry on submitting provisional tax instead of PAYE or do I cancel Provisional tax and start paying PAYE. If I don't register for PAYE, what can the company provide me with to p...

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Rental income allowable tax deductions

Posted 22 May 2016

I am currently in the UK and need some help regarding various tax related queries before I tax return to South Africa within the next 2 months

Including my tax return I did online before I left. (needs to be finalised)
A bank account change at SARS. (do I have to do it in Person)
I need to register a SA company for VAT. I would like to know how long I must be in the UK to have a tax benefit in South Africa. I have been working here since 1/1/2016 and have to tax return before 31/07/2016...

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Tax on inheritance received by an individual

Posted 22 May 2016

I have recently inherited a sum of money from two sources. One, my late mother's estate account via a will and the other, a pension claim from my late mother's pension fund(GEPF). Both these amounts were taxed before they were paid over to me. Both the executors and GEPF submitted tax directives to SARS in order to facilitate the tax payment process before making payment to me. My salary income falls within the necessary category in order to be required to submit a tax return. How will I be taxe...

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Will I have to pay tax on my late husbands RAF claim pay-out?

Posted 22 May 2016

My husband was killed in a motorbike accident by a drunk driver. I am awaiting a settlement from the Road Accident Fund and I have a few questions please. 1. Will I be taxed on the amount paid out to me for my kids and I
2a. Will the fund deduct the amount before the payout?
2b. Or must I pay it afterwards and how does that work?
3. How much is the tax? I was 26 when he was killed, and my kids 3years and 8 months respectively... I am scared the government made me wait all this t...

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Rental Income on room rented at Primary Residence

Posted 12 May 2016

You speak about rental income earned on a second property, and expenses (interest, electricity, etc) that can be deducted from the income. Does the same apply to a primary residence owned by the taxpayer where additional income is generated eg. By renting out a room in the property?
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