Can I pay tax in advance (est) without complicated forms.Then do forms annually and pay difference

  Written by Marc   Posted 24 March 2014

I always need to pay money to tax at the end of the year. I know it is about R 12,000. Or R1000 pm. Why can I not pay in say R1000 pm Estimate without filling in complicated forms, then fill in complicated forms once a year. I.e. pay in what I think monthly. i.e. accumulate tax credits via payments ahead of the final annual analysis.. i.e. just pay initially when I can afford, and pay in the difference after completing complicated forms at financial year end.

Does devaluation of the rand cause a tax liability?

  Written by Marc   Posted 19 March 2014

If my overseas holdings increase in value solely due to devaluation of the rand, is such an increase taxable?

Do I need t pay the non-compliance penalty fee with SARS?

  Written by Marc   Posted 18 March 2014

I registered with SARS in 2010 and have been filing ever since. I recently received a non compliance penalty fee for 2008 and 2009. It's only R500 (R250 for each year) Do I have to pay this if I wasn't even registered in those years and did not receive IRP5's from my employer then either?
I managed to get the IRP5's and I filed them last week but still am being told I need to pay the penalty fee.
If I am going to dispute it, will I be charged interest or more penalties whilst it is busy being disputed?...

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What sort of tax should I register for as an independent IT contractor?

  Written by Marc   Posted 14 March 2014

I'm an independent IT contractor working from home. I work for different clients at the same time. Some pay a fixed fee.

What sort of tax should I register for taking into consideration that I use my house, electricity, internet, etc?

Can we combine our three taxpayers, i.e. my own, my wife and our family trust?

  Written by Marc   Posted 13 March 2014

I am a Sassa pensioner and also a property valuer working for my own account from time to time for agreed upon fees. My wife, to which I am married out of comm. of property, helps me with the travelling by driving me around in her vehicles. We pay for the fuel and services from my bank account as well as from hers and she pays for the insurance. Our accommodation and food on the road is a big expenditure. At home, which is owned by our children, we uses an office and pay rent for it. We also hav...

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Can I declare extra income at the end of the year, or must I register for provisional tax now?

  Written by Marc   Posted 10 March 2014

If I did some freelance work in 2013 / 2014 tax year, will I pay a penalty if I only declare my extra income when I do my regular return?

What are the legal consequences for sole proprietor not registered as taxpayer?

  Written by Marc   Posted 8 March 2014

Legal consequence for sole proprietor not registered as taxpayer

Scared housewife - I may owe tax???

  Written by Marc   Posted 4 March 2014

I have been a housewife for a very long time. I am now 63 years old. We are married outside community of property. I had a business for a short period, many years back, which failed (I have no business sense it seems) and since then my husband was giving me money every month. It was quite a lot of money at the time, but I didn't really think that it would count as a salary. I bought a house and sold it 10 years later using the money my husband gave me. I got about 500k out from that. I have the ...

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Type of tax to be paid and how?

  Written by Marc   Posted 26 February 2014

If I invest a lump sum in a diversified portfolio of shares, bonds and property and plan to earn an income from the capital, say R100 000 a month which type of tax would I pay and how?

Deductions on rental income - what is allowed?

  Written by Marc   Posted 21 February 2014

When doing deductions from rental income, for tax purposes, please advise which of these are deductible:
1) Monthly service fee charged on the bond;
2) Special levies raised for: Water meters (each unit is to have its own water meter, as per municipality); carports (I doubt it, as this is of a capital nature, but please confirm); garden tools.

SARS wants me to submit supporting documents, but the document list is empty

  Written by Marc   Posted 20 February 2014

I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...

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Do I pay tax on interest from a fixed deposit?

  Written by Marc   Posted 19 February 2014

I have a fixed deposit at a bank for 2 years and interest is accrued yearly but paid on maturity, do I pay tax?

SARS requesting private km and logbook for everyday of the year in addition to business travel?

  Written by Marc   Posted 18 February 2014

I'm claiming tax on my travel allowance and submitted my logbook based on the SARS logbook. Earlier today I was notified that my travel claim is disallowed. When I called them they said I should add my personal travel and mileage for everyday of that tax year. Is this normal? I thought SARS was only interested in business travel.

What methods of apportionment of home office expenses are acceptable to SARS?

  Written by Marc   Posted 11 February 2014

I am a 100% commission earning employee who runs all my business activities from my residence. I estimate my business share of home expenses as being higher than simply the size of my office as a percentage of the house floor space. Can I include more area, such as the kitchen (used for meals during office hours) and the dining room (used for meetings)? Is floor space the only apportionment method?

Can remote workers claim the expense of a desk in a shared office (not a home office)

  Written by Marc   Posted 10 February 2014

I've been working remotely for a Johannesburg based company. I used to work from my actual home but started renting a desk at a shared office near my home instead. I was using this exclusively for work.

Can I claim this an expense on my tax?
I'm a full time employee of a company employed as a regular PAYE employee.

Retirement Annuity Topup

  Written by Marc   Posted 10 February 2014

I am a Pensioner in my seventies. Have a Retirement/Living Annuity ~ R 750 000 and want to top it up with R 500 000(for various reasons).

What is the Tax implication? From the R 500 000 contribution, what can I deduct in the current and future tax years?

Is CGT payable as the plot was bought with the intention to build a house?

  Written by Marc   Posted 10 February 2014

I bought a plot 20 years ago with the intention to build a house. Due to financial constraints I did not build nor purchase any other property. I have now sold the plot and purchased a house in much cheaper area

Am I liable for CGT on the sale of the plot?

Proportionate share of cgt

  Written by Marc   Posted 9 February 2014

How do I calculate Capital Gains Tax where 3 people own the property (35.5%, 35.5% and 29%) but only the latter 2 of them have primary residence?

Avoid annoyance of IRP6 submission?

  Written by Marc   Posted 9 February 2014

I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Which property is my primary residence in SARS' eyes?

  Written by Marc   Posted 7 February 2014

I have just found a flat that I would like to buy (I already own one flat).

I was wondering how SARS determines what your primary residence is if you have two properties? Apparently if you sell your primary residence, you have a capital gains break of R1mil, but what's to stop you moving into your second property just before selling and claiming that it is your primary residence?

I have learned that I need to take tax into account with every decision!

How much of the inheritance should I allocate for personal income tax/estate duty?

  Written by Marc   Posted 7 February 2014

The lawyer who is finalising my uncle's will / estate said we would all be paid out by the end of Feb. There is no property or anything that is getting transferred only cash payments made to those of us in his will. What tax will I have to pay on it? Is there a limit/bracket/ceiling? and lastly even if we've got a lawyer dealing with it the estate, will the lawyer take care of the estate duty before paying out the beneficiaries?

Capital gains tax on inheritance and selling of fixed property.

  Written by Marc   Posted 5 February 2014

If I inherited a holiday from my uncle who passed away in 2013, and I am selling the home in 2014, what will my personal tax implications be? The value of the home at date of inheritance was R820,000 and the selling price of the home will be R1,100,000.

Family Loan - is it taxable?

  Written by Marc   Posted 31 January 2014

I loaned my sister R50,000 and she is currently paying me back R2,000 per month at 5% interest per year.Do I need to declare any of this on my tax return?

SA non-resident with rental property in SA what are the tax implications?

  Written by Marc   Posted 31 January 2014

I used to live and work in SA but then moved to the UK 8 years ago. Since then I have and still am working full time in the UK for a UK employer paying UK PAYE and now have UK citizenship.

For the last 4 years I have been sending money back to my SA bank account and used that money to purchase a rental property in SA.

As an example using dummy numbers for simplicity:
Purchase price: R100k
Deposit: R50k
Bond: R50k

Rental Income: R20k p.a....

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Am I a tax resident if I own property in south Africa even after having left in 2006?

  Written by Marc   Posted 31 January 2014

I left South Africa in 2006 to work overseas and visited the SARS prior to leaving the country. I was told I do not need to do anything further regarding tax. I returned for a holiday in 2008 and also bought a property in 2008. I was also told that any earnings I transfer to my South African bank account will only be taxed if I earn interest of 100 000 rand per year. I want to know if I own property am a tax resident? do I need to pay tax?
the property I purchased is not rented.
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