Tax Certificate Needed

Updated 9 May 2022

I am newly registered business owner and I registered just before the lockdown took place and I did not receive my tax certificate. I do have my registration number. Please advise on what I should in order to get my tax certificate. This is new to me and I am confused.

What must I do with the auto-assessment from SARS?

Updated 3 May 2022

I received an SMS from SARS which says something about an auto-assessment. When I login to eFiling I see there is an option to accept or edit it. Are there any risks involved with accepting it? What should I look out for? Please help, I know nothing about this new SARS process.

Married in Community of Property

Updated 20 April 2022

My wife and I got married last year on the 26th of March 2018. We got married in community of property, so when it comes to tax what I would like to understand is whether we will both need to do our tax differently this year and also, I would like to find out what would the implications on our tax returns be like?

Deceased Relative and Savings

Updated 17 April 2022

I have a relative that has unfortunately passed on and I am the dependent that will receive all the savings from this relative- these savings are coming from an international bank account, in Norway. This would be my first time having to claim this and making sure that I do it correctly. What I would like to find out is, what would I need to do on my side to ensure that I am safe and clear with SARS and the laws of the country?

What happens once I've submitted my tax return form?

Posted 6 April 2022

One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’

If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...

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Shareholder Loan and own company

Updated 5 April 2022

I have a loan with my company (payable from the company). I would like to know what the effects are that we need to consider regarding interest-free loans? I am aware that we can create a tax deduction for the company and I will have the interest exemption, but I feel there is something I'm missing?

Also if the shareholder already exceeded his R23k exemption, will it be fine if we do not levy any interest on this loan? Will there be any unknown tax consequences for that?

...

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How do I account for online Forex Trading in my income tax return?

Posted 5 April 2022

A little background on myself. I am a salaried employee of the department of health in South Africa. I am registered with eFiling and have been submitting tax returns since 2008/09.

I have a hypothetical question about forex trading. If I make say R300 000 suppose in the 2012/2013 tax year and the amount I deposited was about R50000to fund the account, then what would my taxation be? Or at least what would the percent on taxation be and on which amount would that percentage be taken off? The net or the total?...

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How to calculate provident fund deductions for 2016/2017?

Updated 5 April 2022

Please can you show an example of how the employer and employee's provident fund will affect the monthly tax 2021/2022. I still do salaries manually.

VAT on interest

Updated 31 March 2022

I have a business that collects debt on behalf of other service providers, we eventually charge interest if the payments are overdue longer than 3 months. Are we required to charge VAT on this interest?

How to fill in the CRA01 form

Updated 29 March 2022

I live with my brother at his house, on the CRA01 form where does he fill in and where do I fill in?

Tax on Forex Trading

Updated 29 March 2022

Q: How do I go about paying tax on forex income?

I will soon be receiving additional income of about R30000.00pm from a forex investor who is trading on my behalf, I am not trading. My current income is around R36000.00 to R41000.00 gross per month.
How do I go about paying tax on the forex income? Do I have any exemptions on this?

Also can you please give me advice in terms of paying less tax? I presume the bes...

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How do I pay tax on my rental income?

Posted 17 March 2022

I own two rental properties from which I earn rental income. This is my only source of income - I do not earn a salary. In the 2021 tax year I let one of the properties' monthly rental pay directly into my long-time girlfriend's account (R7500 per month). The monthly levies, rates and agency fees (deductible expenses) were still paid from my account. At the end of the tax year, my girlfriend paid the lump sum amount (R7500 X 12 plus interest) that had accumulated in her account back to me.
...

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Capital Loss on the disposal of my Primary Residence

Posted 17 March 2022

I sold my property, which is my primary residence, for R9 million. The initial purchase price was R7 million and I spent R1 million on improvements - the total base cost was therefore R8 million. If I apply the R2 million exemption, does this put me in a capital loss position?  (i.e R9m less R8m less R2m = -R1m)

If yes, can I use this capital loss to offset capital gains in the same tax year, or carry it forward to the next tax year?

Partnership in rental property - how to declare on my tax return?

Posted 16 March 2022

If I own 50% of a property do I only put my portion of the rental income and expenses in?

Do I need to wait for SARS confirmation for provisional tax return?

Posted 16 March 2022

I have successfully filed my provisional tax return for 2022 and would like to know if I need to wait for SARS to approve the amount or do I go ahead and pay the amount stated through the eFiling site?

Individual Tax Consultation

Posted 18 June 2020

In January 2018 I stopped working as a full time employee and for the 2018/2019 tax year I did various things (including foreign travel and work) and earned different kinds of incomes. I did not register as a provisional taxpayer as at that stage I really did not know how the year was going to pan out and if I was going back into full time employment again. I would like to settle any tax I may owe for the 2018/2019 year, however with my different incomes, working out the country for more than 18...

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Tax deductions exceeds the tax paid

Posted 28 May 2020

What happens if my Allowable Tax Deductions exceeds the tax paid in the same year. Logically I should only be able to claim back the actual tax paid? It will be Additional allowable Medical claims which will not be covered by the medical aid. These amounts plus smaller deductions will push the claims to over and above the tax payable amount.

TaxTim Filing before tax season

Posted 22 May 2020

I have registered on TaxTim and have also granted you permission to get my information from SARS. Should I wait till tax season begins before I complete all the questions on TaxTim? I am however still waiting for my IRP5 from my employer. I also have property that I am renting out and have a logbook. Please advise.

Provisional Tax and Rental Income

Posted 29 April 2020

I have filed and completed the 2017 personal income tax for myself. I started receiving rental income from my property in March 2017. Where do I declare this income? Is it part of provisional tax and will I pay penalties for late submission?

Also,
1. The property is owned by myself and my wife. Will we both need to file tax returns for this Rental Income?
2. Does this mean a whole new tax return must be submitted, or is it only necessary to complete the IRP6?

Declaring the cost of building a rental property

Posted 27 March 2020

I had rental income in the 2019 tax year, I converted part of my house into a 1 bedroom apartment as well as converting my old garage into another, so I currently have 2 flats now on the property. The apartments represent around 34% of the squares of the buildings on the property. Should I then declare 30% of the costs of the property (I.e.: Interest, Rates & Taxes etc as the costs) as the costs?

Also, where do I declare the cost I had incurred in building the units? (Does it come und...

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Structuring tax for a side businesses

Posted 13 November 2019

I need some advice regarding how to structure my taxes and what ways I will be able to reduce my tax exposure through deductions, registering as a private Pty vs Sole proprietorship etc... I have a salaried job and am starting up a side business working from home as a web developer. I am also considering to start renting out our flatlet via Airbnb. The total income I am looking at includes (per month): 1) Salary: R70000 2) Airbnb: R3000 (which is a bit hard to estimate right now till we have built a track record, but this is assuming an average occupancy of 13%) 3) Web development: R5000...

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Tax on money held in offshore account?

Posted 15 October 2019

I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any income on this account nor do I earn any income from abroad. With that said, the interest rate for this account is set at zero on the deposits made. What I would like to know is, would I in this case need to pay tax on any currency movements while the cash is in the account and if that is the case, how would this work if I make payments from...

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Provisional Tax on Rental Income

Posted 13 June 2019

My wife and I are South African and we are currently based in East Asia. I work here as a teacher and my wife is not employed. We are married in community of property. So, back at home in Durban, we own two properties, one is residential and the other an office space. We receive rental income of about R6000 and R7500 respectively. Both properties are mortgaged and they are part of a sectional title scheme. Should we register as provisional taxpayers and how would we go about doing this?

Earnings of a teacher and tax

Posted 5 June 2019

I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?

Business travel from home office

Posted 12 March 2019

I work for a multi-national company and I am home based. I would like to find out, when I travel into the office for meetings, can I claim that mileage as business travel? Also, just for interest sake, would it be different if I was a salary earner and I did receive a travel allowance?
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