Does a church/ free association pay tax on tithes & offerings?

  Written by Nicci   Posted 19 February 2016

We are a small non-denominational church and are registered as an NPO. The cost of auditing and maintaining the NPO status, has become too much. We want to de-register, but was told that we will then have to pay tax on the tithes and offerings made to the church. Is this so?

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?

2014 return not submitted

  Written by Nicci   Posted 19 February 2016

Tax Tim did my 2014 tax return, for which I paid, but I have been told by SARS they it is still outstanding

Denise Hunter
ID 5603170821082

If e.g. an amount of R1.2m is withdrawn from pension is the R203400 added to the last tax portion?

  Written by Marc   Posted 19 February 2016

What does R203 400 36% mean in the pension withdrawal tax table?

Tax question on medical aid and correction for SARS

  Written by Marc   Posted 19 February 2016

I've just got back and seen the email from SARS. I have a few questions. 1. I made a mistake on the foreign Income, as it was through the business and not my personal account. I was busy doing my business accounts while filling in my personal tax and got confused. 2. My medical aid was paid by my previous employer. They forgot to cancel my medical aid and have asked me to pay them back for that year. I received a tax certificate from my medical aid so do I still qualify to claim tax from that?

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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How to get a tax number if unemployed?

  Written by Nicci   Posted 18 February 2016

Hi there, my mom has not worked in 7 years and her partner has passed away. She is due a payout from the accident fund at his employer. They are insisting she needs a tax number to process any payment to her. How do you register to get a tax number when you have no income or job?

What penalties will I incur if I do not pay my donations tax within the three month deadline?

  Written by Nicci   Posted 18 February 2016

What penalties will I incur if I do not pay my donations tax within the three month deadline? Is there a way around incurring any penalties if I was not aware of this deadline?

Would there be donations tax payable on a cash payment received from a non-resident?

  Written by Marc   Posted 18 February 2016

Would there be donations tax payable on a cash payment received from a non-resident, living in the US?
Would the South African receiver of the cash be taxed?

What is the % of tax deductable from a pension payout due to divorce

  Written by Marc   Posted 18 February 2016

I am getting divorced and am expecting a lump sum pay out from my ex husband's pension plan, the total amount is R315190. 92( I will be receiving half of it), please advise how much I would be receiving back giving tax deductions.

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.

Will Company Director be responsible for company debt in the event of liquidation?

  Written by Nicci   Posted 18 February 2016

My company owes SARS VAT, PAYE, AND INCOME TAX. If I voluntarily liquidate, with no business assets, and no personal assets, will SARS prosecute me personally if they cant get the money from the company? Does liquidation void the tax debt to SARS?

What is a Members Loan Account?

  Written by Nicci   Posted 18 February 2016

I have a small business and I had an accountant that did my accounts for me. I have noticed that he put in a members loan account under Equity and Liabilities. I am not sure what this means and where he would have received the amount from. Please can you help explain what the members loan account means?

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

Supporting Elderly Family Members

  Written by Marc   Posted 17 February 2016

I support my elderly mother on a monthly basis with around R2500 p/m - is there a tax efficient or tax deductible manner that this can be done?

ITR 12 or IRP6?

  Written by Marc   Posted 17 February 2016

First of all I do have a tax number after working for an investment company a couple of years ago. I then resigned there and for the last three to four years not needed to pay tax. Currently I work for myself receiving three to four different income streams. All under my own name from research to maintenance. My question is: I now have to start paying tax again. The taxing income started on 1 Sep 2016, thus the first six months goes to end Feb. Do I need to submit a ITR12 or IRP6? And which pack...

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What are my SARS obligations on UK earnings?

  Written by Nicci   Posted 17 February 2016

I am South African with a British Passport. I lived in the UK for 9 years and am now living in South Africa and have done for the past two years. I do not work in South Africa, all my earnings come from my registered business in England. What am I required to do with SARS? I obviously pay tax on earnings in UK and every couple or so months I transfer money over to South Africa.

SARS Retirement Fund Lump Sum Tax Calculator

  Written by Nicci   Posted 17 February 2016

Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken.

Turnover Tax Exceeded limit

  Written by Nicci   Posted 16 February 2016

TaxTim, I have a company registered for turnover tax. I Have the following questions please:

1 - What happens when you exceed the allowed R1m turnover in a tax year?
2 - Do you have to recalculate tax for the past year using the SBC Tax Tables?
3 - What about the VAT? I have not registered for or charged VAT, what will happen now that I've exceeded the R1m threshold. I thank you in advance for your support.

How can we prove to SARS that we were not in the country and do not need to pay tax?

  Written by Nicci   Posted 16 February 2016

My partner and I were living abroad for over 18 months and did not visit South Africa once during that time. My partner went to SARS and did all that he should have done to be legal with all his forms to prove he didn't need to pay tax for those 18 months. But now he has received a message from SARS stating he owes a large sum of money. Why is this? And how do we go about it?

What to do about old tax returns since leaving South Africa?

  Written by Nicci   Posted 16 February 2016

I left South Africa in 2003 and did not formally emigrate. What should I do about all those outstanding tax returns?

Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

  Written by Nicci   Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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How does it work now if you just earn commission but tax and uif does not get deducted?

  Written by Marc   Posted 16 February 2016

Hi. I used to work for company that deducted tax from my salary, so I'm a registered. But now I work for a company that does not deduct tax and I only get commission. My question is how do I claim my tax for my medical aid if I don't receive a IRP5?

How does it work now if you just earn commission but tax and uif does not get deducted?
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