Where to put IT3b amount on the income tax return?

  Written by Marc   Posted 1 July 2014

Where to put IT3b amount on the ITR12?

UK State Pension on SARS eFiling?

  Written by Marc   Posted 1 July 2014

I believe that UK State Pension is not taxable income in South Africa. Is that true? In particular, is it necessary to mention it at all when doing SARS eFiling?

Am I liable for tax on the repayment of a loan account and how do I reflect this in my tax return?

  Written by Marc   Posted 1 July 2014

I invested (in the form of a loan account) in a start up private company as a shareholder at the end of 2004. I have been receiving monthly income from the company since mid 2013 as repayment of the original loan account plus annual interest. How do I account for these repayments in my tax return and am I liable for tax on these repayments of the loan account?

We are a non profit organisation, do we need to pay tax in any way?

  Written by Marc   Posted 1 July 2014

We are a non profit organisation, do we need to pay tax in any way?

Will having a few policies affect my tax return?

  Written by Marc   Posted 24 June 2014

Which policies affect tax payments?

Outstanding tax returns deceased 87 year old.

  Written by Marc   Posted 21 June 2014

My 87 year old father passed away in Feb 2014. The executor of the estate told me that they can't finalize estate because he hasn't submitted tax returns since 2010. All documents I have is his bank statements. He was a retired farmer and did not receive a pension. What should I do?

Tax exemption information for old age and disability centre?

  Written by Marc   Posted 20 June 2014

We have applied for a tax exemption as non profit organisation last year December, we didn't receive a response. What can we do to get the certificate?

What is the entertainment expense deduction limit per year?

  Written by Marc   Posted 13 June 2014

Hi Tax Tim
I am helping a small contractor with his books and I would like to know how much he can claim for entertainment expenses? Is there a limit per year? Also assisting my local church and have the same query for their entertainment expenses?

Do I pay tax on interest in RSA when living and working abroad?

  Written by Marc   Posted 6 June 2014

I am a South African but I have been living and working in Thailand for almost 4 years, and thus pay no tax in SA. I only visit SA for about 20 days a year.

I recently married an Australian and we want to open a fixed-deposit account in SA to make use of favourable interest rates.

If we both continue to live and work in Thailand, do we need to pay tax on the interest earned on that account? It will be about R100 000 per year.

Church and the IT12 for eFiling?

  Written by Marc   Posted 3 June 2014

I want to ask if I should use the IT12TR or the IT12IE when submitting returns for a "church" on eFiling

Are investment funds still taxed at marginal rates for early retirees?

  Written by Marc   Posted 2 June 2014

If I retire before the age of 65, using only investment income from interest earned on funds saved in the bank, would I still pay tax at the existing marginal rates? Or, would I qualify for a lower tax rate?

Pension fund - What are the requirements?

  Written by Marc   Posted 2 June 2014

Is it mandatory for employer/employee to contribute to pension fund? Are the rules different for local hires and for deputies sent from another country?

What is a foreign tax credit?

  Written by Marc   Posted 30 May 2014

What is a foreign tax credit?

Will you be paid if you have investments and retirement annuities?

  Written by Marc   Posted 15 May 2014

Is it true that if you have investments and retirement annuity you will be paid on your tax returns?

Tax on Foreign income

  Written by Marc   Posted 5 May 2014

I am receiving and will be receiving a maintenance settlement every month for the next 15 years from UK in the form of a cheque in British pounds. What procedures do I follow when declaring this and or submitting my tax return? I have a letter which accompanies the payment every month from the courts in the UK. Any help is appreciated.

how much tax will a business pay on r100000 profit an if a salary is paid to me,must I pay tax?

  Written by Marc   Posted 30 April 2014

I will be starting a business soon, I just wanted to know, if the business earns more than R10 0000 profit a year, what will the tax amount be? an if I pay myself a salary from it will I have to pay tax on it?

Sabbatical tax relief - more than 183 days

  Written by Marc   Posted 25 April 2014

The 183 day rule - I will be out of the country in the coming year for 177 in the US and 10 days in Finland on business. I am an academic and will be a visiting scholar in the US. I will be paid by my institution in South Africa while away for the whole period. Do I get any tax relief from the 183 day rule apply? Or does it only apply if I'm getting paid outside the country?

Is my ex spouse subject to pay tax on a divorce claim?

  Written by Marc   Posted 21 April 2014

How much tax will my ex- spouse pay on divorce settlement?

Does the set tax period Feb to March apply for non resident tax payers....please see detailed reques

  Written by Marc   Posted 15 April 2014

I work out of the country for more than 183 days and with some trips being longer than 62 days in a year, so I am a "non-resident".....does my tax period also run from the set dates Feb to March as with resident tax payers?
As far as I understand I can adjust my 12 month period as to when these 183 days fit in? So how will I use your site then?
For example: Say I worked from Feb 2012 to Feb 2013 and got my 183 days and done that years tax return......Then stayed at home not working f...

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Tax implication on initially tax exempt foreign earnings?

  Written by Marc   Posted 7 April 2014

Hi Tim, reading through your blog I am quite confident that my foreign earnings will be tax exempt...thank you! I start a working contract as a salaried worker in Saudi Arabia this September. I am thinking of transferring the bulk of the money into my South African cheque account on a monthly basis and maybe from there into a market linked account.

My question relates to tax implication at this point. Do I pay SA tax on just the interest earned thereafter? Does the capital get taxed in subsequent tax years? ...

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How to treat foreign income

  Written by Marc   Posted 5 April 2014

I am a SA citizen and live outside SA with my family(since 1998). I have bank accounts and property investments in SA, and I still fill tax return every year. My salary income is all foreign though. I visit SA almost every year for a period of 4-6 weeks for vacation); sometimes another 2 weeks over Christmas. I also own foreign property.Questions:1. Should I declare my foreign income?2. Should I declare my foreign property in any way, purchase, rental income, sale?

Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

  Written by Marc   Posted 4 April 2014

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

Do I need to reflect an executrix's fee as an income?

  Written by Marc   Posted 3 April 2014

I HAVE RECEIVED AN EXECUTORS FEE WHAT DO I NEED TO REFLECT THIS IN MY TAX RETURN. Do I have to reflect it as an income. Am I allowed to take my costs off this fee i.e. photocopying charges, ink jet cartridges, phone calls.etc.

Will I pay SA tax on my UK pension and lump sum from deferred pension received in SA?

  Written by Marc   Posted 1 April 2014

I have lived in SA for 40 years and have just started receiving the portion of the UK pension that I am entitled to, will I have to pay SA tax on that. Also, because of my deferred pension and the choice of lump sum or extra pension, if I choose the lump sum and have it sent here will I have to pay SA tax, I can tell you the amount of the lump sum if you need to know it.

What is the tax on distributions from REITS?

  Written by Marc   Posted 31 March 2014

Is 15% holding tax deducted from the dividends distributed to a local investor from a Property REIT or not?
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