Capital Gains Tax on foreign shares

  Written by Marc   Posted 2 December 2015

Hi guys, I have a Dutch client. He moved here and bought a home in 2012. He had foreign (FTSE and S&P) shares which he has just sold for a small profit. My understanding is that he would not be subject to CGT as he has not been considered "resident" via both Ordinarily Resident and Physical Residence yet. Can you clarify pls??

What would be the amount of tax we would have to pay and why.

  Written by Marc   Posted 2 December 2015

Bought vacant land contract dated 5th October 2001 in a cc, for R87764. 00, became the members on 7th January 2002, what would the tax implications be if I sell this property now at R1 000 000.

Loan to Company to purchase goods

  Written by Marc   Posted 2 December 2015

I have a EME business and from time to time I use my private bank account to purchase items for orders I receive. When I then get paid by the customer I just transfer the money I loaned to the Business beck to my private account. Is that acceptable to SARS and what records must I keep?

Cap on non-taxable pension fund lump sum withdrawal

  Written by Marc   Posted 2 December 2015

In the past tax year I worked for 3 companies. Got paid pension fund by 2 of those companies with total pension fund being below R20k
On the IRP5 from the company that paid outthe Pension fund there's a code 4 which I thought it meant this amount was not taxable( I understand it as meaning this amount will not add on to what I owe SARS). Submitted my tax returns and the SARS assesment has included the pension fund lump sum payment as what I owe SARS. Please advice if this is correct

Tax benefits when not earning income the entire taxyear

  Written by Marc   Posted 2 December 2015

Hi I am born in SA and moved abroad 25 years ago. I will be living and working in SA for the next 2 years. My start date is flexible. I believe the income tax year is from March 1st. 1. Are there any tax benefits if I work a part of the first year ( so not the entire tax year?). 2. Are there any tax benefits if I work a part of the last year ( so not the entire tax year?).

Med Aid claims

  Written by Marc   Posted 2 December 2015

I am 74 years old. What out of my own pocket medical expenses can I claim?

Payment Periods

  Written by Marc   Posted 2 December 2015

With regard to Provisional Tax:When SARS refers to the periods 2016-01 and 2016-02 (see below) is SARS referring to the months i. E 2016-01 = January and 2016-02 as being February or are they referring to the two payment periods for Provisional Tax being February and August? Could you please explain. 5. 3 Provisional Tax Returns can only be requested for periods that fall within:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...

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Tax for a full time student employed full time.

  Written by Marc   Posted 1 December 2015

Hello Tim,
If I earn R8000 per month and are registered as a full time student but also employed full time and at a permanent post at my employer what will my tax be per month?

Does provisional income/ capital gains count towards income iro RA contributions?

  Written by Marc   Posted 1 December 2015

I own a business and I draw a standard non- pensionable salary of R1 440 000 (120K p/m). I pay R360k (30k p/m)to an RA. Which means I actually don't earn enough to achieve the max tax destructibility for my RA. However this year for the first time I have other income from share sales (my share trading G&L statement currently reflects a gain of 264K). Will this income add to the non-pensionable salary above and thereby reduce the disallowed portion of the RA Contribution?

How do I create a SARS efiling form for outstanding 2009 tax year?

  Written by Marc   Posted 1 December 2015

Upon filing my husband's tax returns for 2015, they asked for supporting documents (same as 2014) which I then submitted. After waiting for 2 weeks, I contacted SARS and they informed me that his tax return of 2009 had never been filed. He had a stroke in 2009 and after attempting to file his tax return unsuccessfully several times and not being able to get through to SARS, I presumed that it had been filed. Now 6 years later (after issuing a tax certificate of comliance earlier this year) they ...

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Will I be penalized for not filling in a tax return for last year and this current year

  Written by Marc   Posted 1 December 2015

I have been working for 2 years now, I started 3 December 2013 and I never filled in a tax return before. I only became a permanent employee 1 April 2015 and only then started contributing towards a medical aid and pension fund. I have missed the 27/11/2015 tax return deadline. I am not sure how this whole process works. Will I be penalized for not filling in a tax return for last year and this current year. I will be more than happy to pay for your services. Regards

Medical rebate not given by SARS

  Written by Marc   Posted 1 December 2015

My company paid medical premium for me for the period 1st Mar 2014 to Feb 2015. For first half of the year it was with one medical vendor and then for the second year it was with a another medical vendor. I filed my IT tax returns on time. I got an additional assessment wherein SARS has not taken one medical vendor and I stand to lose out around R5000. How should I dispute and in the notice of objection form where do I fill the exact details as it is asking for source code?

Why is it taking so long to receive the pay out, is there something I missed ?

  Written by Marc   Posted 1 December 2015

I submitted my tax return via SARS eFiling and received the ITA34 - and notifications saying that SARS owes me. I submitted the tax return on the 25th. People have been saying it takes between 2-3 days to receive a pay out and SARS sends a sms or email to say when the money will be paid. How come I have not heard anything yet?

They wanted. My irp 5 for 2011

  Written by Marc   Posted 1 December 2015

SARS told me yesterday that I did not submit IRP5 for 2011, I have a copy, how do I submit it to them

Forgot to include something on tax return

  Written by Marc   Posted 1 December 2015

HI. What if you forget to include something on your tax return, but have already filed it..... I have incurred a capital gain due to the sale of a property, and see that I should have included some share sales, which incurred a loss. Would they have been set off against each other?

Representative Vendor

  Written by Marc   Posted 1 December 2015

I have just recently started my own business I need to register for VAT and Payroll Taxes. When completing the VAT101 form, who is the Representative Vendor? I am registered as a Company, I am the only director, my wife handles the administration of the finances, taxes and payroll etc. She has Power of Attorney. Should the Representative Vendor be me or can or should I make it her? A similar question is asked on the EMP101 where they want to know who is the Representative employer?

How much will I get from a salary of R2361 in a year

  Written by Marc   Posted 1 December 2015

I want to know how long it takes to get ur income tax return and how much will it be if my salary is R2361 a month?

How much should I be taxed if I'm earning R 7000?

  Written by Marc   Posted 1 December 2015

Hi. Im getting payed a R 7000 a month, but it seams im being taxed large amounts of money every month. I would like t know how much should I be taxed?

Tax on Loans

  Written by Marc   Posted 1 December 2015

If my brother gave me an interest free open-ended loan - what would the tax implications be?

VAT Registration in person

  Written by Marc   Posted 1 December 2015

I need to register for VAT, I have completed the VAT101 form and attached all the necessary required documents. Must I submit this myself in person or could my wife who is my bookkeeper and has Power of Attorney be able to submit my application form?

Investment income whilst being in the UK

  Written by Marc   Posted 1 December 2015

I earn R3000 per month from an investment and this is my sole income. I invested in July 2015. I have been in the UK since July so might be classed as a non permanent resident for tax. While in the UK I have not earned any income and if I have in the past I have paid UK tax. Do I need to file a tax return for this year and get an ITb3 certificate from the bank

Can I get my refund even if I submitted my returns late?

  Written by Marc   Posted 1 December 2015

I submitted my tax returns late and the tax calculator showed that I have a refund. Will I still get the refund even when I submitted late?

Tax on retirement gift from a Church to a Pastor

  Written by Marc   Posted 1 December 2015

Our church wants to donate a parting gift to a retiring Pastor of between 500000 and 750000. Will the church have to pay donations tax or will the retiring Pastor have to pay tax on this amount?

Does Base Cost include interest over time?

  Written by Marc   Posted 1 December 2015

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?

Is it a must to register at SARS?

  Written by Marc   Posted 30 November 2015

Is it a must that each and every person must register to SARS when they are employed?
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