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?

Capital gains tax on shares sold and reinvested

  Written by Nicci   Posted 19 February 2016

I sit with a case where a person sold shares of an equity portfolio and re-invested the amount into another investment plan fund. Is the person liable to pay capital gains tax on the portfolio sold?

Ring fencing of assessed loss

  Written by Marc   Posted 18 February 2016

I sold a property during the 2015 year of assessment and made a significant capital gain. I also claimed an assessed loss deduction on the same property for rental losses (finance charges, levies etc) against my other income up to the date the property was sold. SARS ring fenced this loss as my total taxable income falls in the highest tax bracket. However this is only as a result of the significant capital gain I made on the same property I claimed the loss on. Is there a provision in the act t...

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Does C.G.T. apply to the sale of offshore assets held by someone living in SA?

  Written by Marc   Posted 18 February 2016

Does C. G. T. Apply to the sale off shore assets held by someone who is a permanent SA resident but not a SA citizen?

What are the tax implications of share options?

  Written by Nicci   Posted 18 February 2016

I have an opportunity to exercise options for an unlisted, US-based company. The purchase value of the options will be around $5400 International holding tax of about $4881. 53 so I need to understand what would be expected in terms of a SARS payment. I plan to hold on to the shares.

Treatment of rental loss and living expenses while studying

  Written by Nicci   Posted 18 February 2016

From Sep '14 to Oct '15 I temporarily left the employ of my company to study my MBA full time overseas. During this time I rented my primary residence in South Africa out. (a) Am I able to deduct the losses on the rental of my primary property (rent - levies - interest on bond - rates) from my taxable income?

(b) During the time I was away, I had to make use of savings to pay for living expenses (food, necessities, partial travel expenses, but NOT tuition, textbooks, accommodation, vi...

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Capital gains or Income tax

  Written by Marc   Posted 17 February 2016

Bought shares for R5000. 00 in 2008
Opened a share trading account in 2015. No of shares was 187 and the value was brought in as 187 x R1854
R346698. Sold in 2015 for R1822. 00x187
Also bought other shares which is share trading. Is this Capital or income

Capital gains tax on primary resident

  Written by Marc   Posted 11 February 2016

What is the Capital Gains Tax amount if you bought a house in 1991 for R100000 (approx. ) and sold it in 2015 for R1. 9m.

Deduction of finance charges from rental income.

  Written by Marc   Posted 9 February 2016

I have a question relating to rental income from investment property in my personal name. Very simple put, I have R 1000 000 available on my primary residence bond - I would like to utilize this to acquire a rent producing flat. Will I be able to deduct the finance charges incurred on the R 1000 000 from the rental income to reduce my taxable rental income?

Rental income & expenses, can I claim on regularly inspecting my property?

  Written by Marc   Posted 1 February 2016

I will be renting out my primary residence in Cape Town for a few years while I work on the Wild Coast rent-free. Can I claim a quarterly site/property visit/inspection as an expense for tax purposes?

Tax and emigration

  Written by Marc   Posted 27 January 2016

As someone who was born in South Africa and have always resided in South Africa what are the tax implications if I decided to emigrate? Is there an exit tax?

How do I gain access to eFiling to see the progress on my returns, returns done by tax practition?

  Written by Marc   Posted 26 January 2016

I have a tax practitioner that does my tax returns on my behalf. How do I gain access to SARS eFiling to see the progress on my tax returns?

Tax payable on unit trusts in us $ when converted to cash

  Written by Marc   Posted 26 January 2016

Tax payable on unit trusts in US $ WHEN CONVERTED to cash

Capital gains tax on property

  Written by Marc   Posted 25 January 2016

I have sold property and would like a estimate how much CGTi I must pay.

Do I need to register for provisional tax due to CGT

  Written by Marc   Posted 22 January 2016

If I have a R1 000 000 capital gain, do I need to register as a provisional taxpayer and pay the capital gains tax as provisional tax?

Allowable deductions from rental income

  Written by Marc   Posted 12 January 2016

I did some renovations to a rental property between tenants. I replaced the carpet with tiles, replaced all the kitchen cupboards and the oven, and repainted. All of these renovations were specified in my rental contract with the new tenant - she viewed the unit before the renovations, and we agreed that they would be carried out before she took occupation. Which costs can I deduct as expenses in the production of the rental, or must I add all of the costs to the base cost of the property for pu...

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Property sale issue

  Written by Marc   Posted 11 January 2016

I'm selling a property of mine - it's my primary residence. The sale agreement will have the buyer settle the amount with me in monthly installments. Will this cause a problem with my tax return in terms of capital gains etc? Or would the end result be the same as if the buyer had paid me a lump sum?

Capital Gains Tax / Primary Residence

  Written by Marc   Posted 6 January 2016

I would like to sell a rental property of mine. How long do I have to go an stay in the rental property, before it can be classified as a primary residence with regard to Capital Gains Tax?

How do I avoid double taxation between RSA and the USA?

  Written by Marc   Posted 5 January 2016

I just invested in a Global Property index fund held under a tax-free savings account. I believe this is exempted from SARS 15% dividends tax. The IRS tax rate for foreign investment goes as high as 30%! Is there a possible chance that I may be taxed twice, dividends tax and then capital gains tax, when I sell and bring over the amount back in South Africa?

Exchange rate gain

  Written by Marc   Posted 4 January 2016

Currency exchange rate gain when bringing money back into SA
What is this classed as earnings? Capital Gain Dividend?

Do you have to pay CGT with your first provisional tax payment?

  Written by Marc   Posted 10 December 2015

We are completing our 1st provisional tax return for our property company, and because we have disposed of properties in the last 6 months, this has triggered a Capital Gain which is payable to SARS (we donâ%u20AC%u2122t have any assessed losses which we can utilise). Our question is quite simple. Do you have to pay over the CGT to SARS with the 1st provisional tax payment, or can you defer it to your 2nd provisional tax payment?

Ideally we would like to push this out by 6 months to...

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