Payment of income tax on rental income and interest earned.

  Written by Alicia   Posted 14 February 2017

I have some rental income that I would like to invest monthly in my fixed deposit. I know I must pay tax on both the rental income and the interest earned but when? I have to fill in a tax return twice yearly as a provisional tax payer. If the rental income and interest is fixed into the deposit account and I am not allowed to withdraw money, how would I go about paying the interest? Should I keep funds separate specifically for this in another account.

Source code for renting out camera gear

  Written by Alicia   Posted 14 February 2017

Looking for the source code for a sole proprietor renting out camera gear, I am trying to apply for turnover tax and the form I'm filling in is asking for a source code?

Tax implications on selling my second property?

  Written by Alicia   Posted 13 February 2017

What will my capital gains tax be if I received a payment of R680 000 upon selling my second property?

Rental income and fixed deposit

  Written by Alicia   Posted 13 February 2017

I have some rental income that I would like to invest monthly in my fixed deposit. Do I pay tax on the rental income and the interest yearly? I am a provincial tax payer which means I have to predict my income?

Tax on rental accommodation for staff

  Written by Alicia   Posted 10 February 2017

If a farmer supplies residential accommodation to his workers and deduct from their wages an amount of compensation (rent) for the benefit, should he be taxed on the "rental income" he receives?

Unsure about home office calculation

  Written by Alicia   Posted 8 February 2017

My home office is 3m by 4m. I am not sure how to calculate the rates and electricity for the office?

Can I change my declaration if I already submitted the return?

  Written by Alicia   Posted 8 February 2017

I forgot to include my home office rental space, can I resubmit my tax return and add this on eFiling?

Does the 27.5% of income you can put into a pension fund only mean income you have earned as a wage?

  Written by Alicia   Posted 8 February 2017

I am self employed and only earn about R12000 per year. However I earn about R200000 per year in interest from savings accounts. Can I put 27.5% of my total income (Earnings and interest) into a pension fund per year or only 27.5% of the money I earn through working?

Does married in commuity of property mean a partnership?

  Written by Alicia   Posted 7 February 2017

We are married in community of property does this mean this is a partnership for CGT purposes?

Tax on rental income while being a student

  Written by Alicia   Posted 7 February 2017

I am a student earning rental income on my deceased parents property, am I supposed to declare this income to SARS and pay tax on it? The amount I earn is just over R25000 after deductions per month.

Legislation affecting foreign pensions

  Written by Alicia   Posted 6 February 2017

Good Day, this is my 2nd question in as many months. Hope I am not overdoing it but this item will be of interest to many and any suggestions you may have will be greatly appreciated by myself. I am 80 years of age and have been retired for 20 years. A significant portion of my pension has been tax free for 20 years as the result of it having been earned whilst I worked outside of RSA. Yesterday (2. 2. 17) my pension administrators advised me that as from 1. 3. 17 the tax free portion will be ta...

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Do I declare my CGT on the IRP6?

  Written by Alicia   Posted 6 February 2017

My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but:
1. Do I still need to declare the capital gain?
2. If so, do I declare 50% of it because I own half of the property?
3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.

Divide pension between spouses

  Written by Alicia   Posted 3 February 2017

I am married in community of property and my wife and I are both individual provisional tax payers. I have been retired for 20 years. Can i divide my pension income between myself and my wife's income on our IRP6s?

When do I declare interest income?

  Written by Alicia   Posted 3 February 2017

I earn interest on my medical aid savings, do I declare it to SARS the day I leave the medical aid or at the end of the year I earned it?

Rental Income Tax for Foreign Non Residents

  Written by Alicia   Posted 3 February 2017

Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after expenses. It has lately come to my attention that I may need to pay tax on this. How do I get started? I rarely visit South Africa.

Resignation and taxes

  Written by Alicia   Posted 3 February 2017

I have 30 years service at my current employer and my pension lump sum is R1820000. Id like to know what my taxes will be if I resign? are my 30 years taken into account and lastly. I must still pay my mortgage. Can this be done tax free?

How does one handle forex trading losses?

  Written by Alicia   Posted 30 January 2017

Naturally when extra income is generated, fair enough, tax must be paid. I have seen you address the Forex trading profit questions from taxpayers but no case of forex trading losses. How does one address Forex trading losses in a personal tax return?

How much capital gains tax for non resident

  Written by Alicia   Posted 30 January 2017

I am a non-resident and would like to find out how much capital gains I would have to pay if I sell my house

Commission tax?

  Written by Alicia   Posted 30 January 2017

If I earn commission, can I claim back personal expenses too such as rental of my flat even if I dont work from home?

Business Relations

  Written by Alicia   Posted 25 January 2017

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

How can I get proof of residence?

  Written by Alicia   Posted 24 January 2017

I went to SARS to register for a tax number. I was told that I need to bring in a certified copy of my ID, proof of my address, proof of my income and banking details. I am unable to take a proof of address as I dont own the house I stay in.

Change of details after been audited

  Written by Alicia   Posted 23 January 2017

I have submitted my return and my medical aid which I pay for my wife and child was disallowed. After carefully looking into the notes I found that I had incorrectly stated on my IRP that I am married out of community of property instead of in community of property. Please can you advise me on how to change this as I have already been audited and I cannot request a correction?

Can I claim for all 3 vehicles I used on my tax return?

  Written by Alicia   Posted 20 January 2017

I've changed cars during the tax year, how should I handle my travel allowance calculations and log book?
1) How would I should I go about maintain my log book? should I keep a different one for each vehicle. 2) I have also leased a vehicle whilst waiting for my new vehicle, how should this be recorded?
3) How should I cater for my new Vehicle in my tax return if the new vehicle cost is greater than my old vehicle?

How is income taxed on a shared property?

  Written by Alicia   Posted 17 January 2017

My wife and I have a property registered in both of our names that we would like to rent out. Will this income be taxed in both of our names (i. E. 50% to each of us) even if the actual income is only deposited into my bank account?

Do I become a provisional tax payer once I am permanently employed?

  Written by Alicia   Posted 17 January 2017

I recently accepted an offer to be permanently employed at the same company I was contracting at initially, do I now became a provisional tax payer as I paid employees tax before?
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