I earned interest on a Peer 2 Peer investment in the UK, at https://www. Ratesetter. Com/. As this is a non-SA entity they do not provide IT3(b) statements. It is also not a bank/ institution but independent loans. As such, I am not clear if or were to add this amount in TaxTim. I did get a statement with the amount received of 110. 25GBP. Do I enter this amount at the point of "Did you earn any interest from a foreign bank / institution? On your IT3(b) you will see an amount under foreign interest. " ?...
I have two IT3b documents from different sources. Should I add them together?
This query relates to question 6480 "Please enter the total interest amount earned here. If you don't have an IT3(b) you can also add up the interest amounts appearing on your bank statement. This should appear next to source code 4201 on your certificate. " in the Interest & Investments (IT3b) section.
I have earned rental income from renting out a room in our house. How do I calculate the electricity, rates and taxes (and bond interest) deductible against this income? The room does not have a separate electricity meter, and also keeping in mind that we use prepaid electricity.
Does my monthly bond payment qualify as a expense against my rental property? Currently my rental income is R6500pm and my bond payment, including rates, taxes and levies about R8000pm indicating a loss for tax purposes?
Do you assist with tax returns where share trading is involved? I trade in CFDs and equity via my broker for the past 5 years, however, I've not been making any profit, so I've not been declaring any loss as well. I don't have any other sources of income except a little interest.
On my 2016 tax return SARS says that I owe them money. I think that this isn't accurate as I was with a full time employer and I'm sure that they took care of all my tax issues. Is it too late to resubmit a tax return for 2016 via TaxTim?
I'm a stay at home mom. The only income I get is from interest ( - R10000.00), dividends (-R15000)and REIT Income ( -R25000). I file only 1 tax return per year. Should I be registered for provisional tax due to the REIT income?
I've recently had the misfortune of getting a tax penalty of over R16500.00 It was deducted from my provident fund without my knowledge. A further R7000.00 was deducted from the same provident fund pay out. Please advise me if I can dispute this after it has been deducted; if not I'm fine with it. However, I got a statement from SARS more than two weeks later referring to these penalties. I'm not sure what this statement means.
I make annual lump sum contributions to my RA. In order for my annual lump sum contribution to qualify for tax deductions for the current year, do I only need to make the payment for my RA before the end of February, or does my financial advisor need to have allocated the funds to my RA before the deadline? i.e. Can I still make a contribution at 23:59:59 on 28 February 2017 which will count towards the 2016/2017 tax year?
If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?
Me and five members of my family want to start investing. Before the profits will be paid out the company that does the investments does the tax part on it and then pay us the profits. What I want to know is, if they pay the family members profit into my bank account with my profit will there be any problems with tax on my side because all the money is going to my account. The company will send each of us an IRP5 at the end of the season so that each of us can fill in our tax return.
I get paid a monthly pension from my late husband's employee benefits, on which PAYE is deducted. On the annual tax statement and the details that get sent directly to SARS, it will show the full gross pension for the year, less the PAYE paid. Why then, does the net pension amount (after PAYE) still get included in taxable income for the year? Surely I am then paying PAYE as well as another layer of income tax on the remainder, i. e. On the net income? My tax assessment shows the taxable pension...
My husband and I own property, receive interest income and are married in Community of Property. What percentage of the property income, property expenses and interest income should we each include on our Provisional tax under the total turnover and estimated taxable income respectively?
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.
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?