Capital Gains Tax - costs of selling primary home.

  Written by Nicci   Posted 11 April 2016

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?

How do I gain access to company's Efiling profile?

  Written by Nicci   Posted 30 March 2016

I am the director of a company, whose tax was done by a tax practitioner, with the company on their SARS eFiling profile, I did not have shared access. The company's tax has since been transferred to a new tax practitioner for various reasons. The initial practitioner has indicated that he has transferred the profile, but has in fact not, and is refusing to assist me further. Could you advise on how I can gain access to the companies Efiling profile?

Do I need to transfer service contracts from personal account to my company?

  Written by Nicci   Posted 30 March 2016

I recently registered a business. I however still run an online ecommerce site where the proceeds go to my personal account by way of EFTs, Cash, SnapScan and PayFast. I also pay vendors from my personal account. Can the net profit simply be transferred to the business account for tax purposes or do I need to re-register all of the above services with the company details. The ultimate goal is of course to avoid having a large income tax from both a salary and this 'sideline' ecommerce store.

Minor's tax obligations on inheritance

  Written by Nicci   Posted 29 March 2016

If a minor child inherits - how much do they have to earn before they must be registered for paying tax?
If they are not liable for tax, does one as the parent still have to notify SARS that they have funds invested?

Tax on donations

  Written by Marc   Posted 24 March 2016

My father has sold his house at a discounted price to my eldest sister and some of the proceeds of the sale will be split between the remaining siblings. What are the tax implications for my father and is there any way to minimize the taxes which will be levied on him?

Are bond initiation fees, legal fees and valuation fees deductible for tax?

  Written by Nicci   Posted 23 March 2016

Hi, I have registered as a provisional tax payer and did my tax return in August. My rental expenses (levies, interest and taxes) are greater than my rental income I earn. Do I still need to file the provisional tax payer tax return now and see if any payments are due?

I have paid for your services for my personal income tax, but haven't received any of my tax information yet (for investments, medical aid etc). Must I just wait until those all come later in the year and send them thro...

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It is aleady summarised

  Written by Marc   Posted 22 March 2016

Is south African interest exempted?

SARS, bitcoin wallets and disbursement of BTC funds

  Written by Nicci   Posted 21 March 2016

However, there are a number of issues that I cannot get to grips with regarding the storage of BTC in a wallet and the further use of BTC outside the fiat system:

1) If I moved my BTC to a wallet provider outside of SA (blockchain, based in Luxembourg but servicing globally) does SARS see this as an offshore transaction? as:
a) The wallet provider is not a registered global institution as such. b) No interest is accumulated to this wallet / amount, so no income is generated.
...

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Tax number for checks

  Written by Marc   Posted 17 March 2016

I recently had to give my tax number to a rental agent/landlord for a lease application. Does this mean they could gain access to my tax records if they have my tax number?

Which year do I declare CGT on property sale?

  Written by Nicci   Posted 11 March 2016

If the date of sale and the registration of that same property fall under two different tax years, which is the year applicable for submission of the tax return to SARS?

Capital gains tax on primary residence

  Written by Nicci   Posted 9 March 2016

I want to proceed with Tax Tim to complete my tax return for 2015 as it seems I have a penalty of R 1215. My question is, my tax practitioner did not complete my last tax return and I have managed to gain control of my SARS eFiling and changed my status from a Provisional Tax Payer to Ordinary Tax Payer, do I submit my tax return as a Provisional or Personal Tax Payer. I did not work in 2015, sold my jointly owned property in JHB, moved to CT and bought another property from the proceeds. I have...

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How do I get my login details for efiling?

  Written by Nicci   Posted 8 March 2016

How do I get my login details for SARS eFiling?

MInor - tax liabilities

  Written by Marc   Posted 8 March 2016

If I need to register my child (minor) for tax due to interest and or CGT earned from their investment - do I register them as a provisional tax payer or as an individual tax payer? If my child earns less than R 75,000 through interest/CGT do I still need to register them for tax even though they have no tax liability?

The pricing on your website for individual tax - would assume that this is per tax submission?

What deductions are allowable against the proceeds for CGT calculation?

  Written by Nicci   Posted 6 March 2016

I need to use the 20% of proceeds method to do my CGT calculation. What are the allowable deductions that I can deduct from the proceeds?

Offshore investing tax implications

  Written by Marc   Posted 29 February 2016

What are the tax implications of investing in offshore unit trusts and shares and how does one disclose it in your tax return. Thank you

Capital Gains in 2016/17 - is it part of Taxable Income for RA calculation?

  Written by Nicci   Posted 26 February 2016

Next year will Capital Gains taxable portion be part of Taxable Income for Retirement Annuity contribution (i.e 27,5% calculation)?

2016 Budget Speech: Welcome Back, Minister! You Couldn't Have Returned Just for the Free Lunch?

  Written by Vee   Posted 25 February 2016

The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver his budget for the 2016/2017 tax year and save South Africa from a financial pit-fall in the form of an International Ratings Agency downgrade. The jury is still out on whether or not this is possible. Immediately after the budget was revealed the Rand tumbled 2%, which doesn’t bode well for market sentiment. However, ...

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Can I deducted 2 years from my CGT.

  Written by Marc   Posted 25 February 2016

We just sold a flat that we owned for 10 years. We lived in it for 2 years but we've been letting it for the last 5 years. Do I need to pay CGT of the full 10 years of can I deduct some amount for tee 2 years that we lived in it and it was our primary residence?

Is there any capital gains tax reduction if I resided in the property for part of the time owned

  Written by Marc   Posted 25 February 2016

This year, 2016, I sold a flat which I bought at the end of 2011 and took transfer in February 2012. The flat was my permanent residence for 1 year. Will there be any reduction on capital gains tax as I was resident in the flat for 1 of the 4 years that I have owned it?

2016/2017 Tax Tables

  Written by Vee   Posted 24 February 2016

Income Tax Tables for the 2017 Tax Year - 1 March 2016 to 28 February 2017

Income Tax Thresholds

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How much of a capital gain should I be including for provisional tax?

  Written by Marc   Posted 24 February 2016

IRP6 2016-02: My income is trading income reflected through an IRP5. This year there is also a capital gain. On e-filing form I have to add the capital gain and fill in the total under "estimated taxable income". But then the full amount is taxed at my marginal income tax rate. How much of a capital gain should I be including in "estimated taxable income" for provisional tax?

Tax payable on sale of shares

  Written by Nicci   Posted 23 February 2016

I am a pensioner 71 years of age. If I sell shares in a company to the value of R33,000.00 and my annual income is R120,000 what % tax would I have to pay on the R33,000?

Donations tax to my sister

  Written by Marc   Posted 23 February 2016

Hi Tim I recently bought my sister a car to the value of R150k, do I pay 20% donation tax on the full amount?

Capital Gains Tax on second hand personal items

  Written by Nicci   Posted 22 February 2016

Is selling your unwanted goods taxable and how do you calculate tax?

Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

  Written by Nicci   Posted 19 February 2016

I have bought a second hand car for an amount of R168000 in cash, 3 months later I decided to sell the car as it is not being used often for an amount of R215000. Will I be liable for capital gains tax on this?
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