Full amount of shares paid out or profit?

  Written by Neo   Posted 18 July 2017

I had MTN Zakhele shares which reach maturity and were paid out in December 2016. Do I include the amount that was paid into my bank account or the difference between what I paid for the shares vs what I sold them for?

This query relates to question 6431 "Please enter the total amount received from the sale here. This is known as the proceeds." in the Capital Gains section.

Rental expenses, capital or running expenses?

  Written by Alicia   Posted 10 July 2017

Please assist on the below as I cannot find additional
information within the current questions on your blog:

While not a monthly expense - it is mentioned that any expenses incurred in
earning the rental property income can be set against the rental income for
tax purposes. Does the following apply to that reasoning:

1. Installation of Prepaid electricity meter (about R1400)
2. Separating the electricity flows for sectioning off the electricity
for the rental portion of the property to the main house (we only renting...

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Provisional Tax on property sold

  Written by Neo   Posted 3 July 2017

I sold property in March 2017 and it's an income earning property. Do I need to prepare a provisional tax return in August? Will I just include profits on the property?

Which costs are deductible prior to receiving rental income?

  Written by Neo   Posted 17 April 2017

In respect of a second property that one rents out, starting off, can one deduct the following for personal income tax:
(1) Bond transfer fees and registration costs;
(2) Costs incurred on repairs to the property in the month prior to receiving the 1st rental for the property?

Capital gains tax or income tax - forex trading

  Written by Neo   Posted 9 April 2017

What's the difference between capital gains tax and income tax? Which of the two does retail forex trading fall under?

Capital Gains Tax: Two

  Written by Neo   Posted 5 April 2017

I bought a house in December 2013. In November 2015, I bought a second house and it was registered in my name, February 2017. The intention was to let out the first house, and we moved March 2016, with the first house now being empty. However, in the meanwhile, I decided to sell the first house. I haven't had any tenants staying in the first house, it has been empty for a month now. We stayed in the first house since I bought it, for over two years. Will I be liable for capital gains tax, or wil...

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Tax clearance certificate for a non-resident

  Written by Neo   Posted 5 April 2017

A non South African citizen brought money into South Africa, bought a house and sold it recently. She needs a tax clearance certificate. How does she get it as she has no tax number?

CGT on primary residence (if it has been let out - also my only residence)

  Written by Evan   Posted 4 April 2017

What CGT would I be liable for if my primary residence is my only residence - but rented out?

Do I get Tax back on a loss from selling shares?

  Written by Neo   Posted 15 March 2017

I bought shares in a private company (cost me 100k). We have now sold the company in full and my portion of the payout is 80k (i. e. 20k loss). Can I claim tax back on this amount? And if so, what do I need to do it?

Inclusion of rental expenses in CGT calculation

  Written by Alicia   Posted 24 February 2017

If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?

Which base cost to use when calculating CGT?

  Written by Alicia   Posted 24 February 2017

I bought some Satrix Divi through the Satrix Investment Plan in Aug 2007. All dividends were reinvested by Satrix, ie every quarter more shares were bought. In July 2011, I transferred all of my "units" to an online broker and made no further purchases. For the first few months, my statements from that broker show a base cost per share of 0. Suddenly, in the March 2012 statement, it lists a cost per share, which appears to be the share price on March 16 2012. I have just sold these share...

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2017/2018 Budget - The rich are going to pay more, but what does that mean for the rest of us?

  Written by Marc   Posted 22 February 2017

Personal Tax Rates (rates below)

Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...

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Sale of rental property

  Written by Alicia   Posted 17 February 2017

My son works abroad, but he owns a rental property in South Africa which he sold recently. Is he required to pay capital gains tax on the proceeds?

Tax implications on selling my second property?

  Written by Alicia   Posted 13 February 2017

What will my capital gains tax be if I received a payment of R680 000 upon selling my second property?

CGT and new retirement fund laws

  Written by Alicia   Posted 8 February 2017

Non of the tax calculators include Capital Gains tax
What is the impact of a Capital Gains Tax on the allowable RA deduction?

Home office and CGT

  Written by Alicia   Posted 8 February 2017

I work from home and would like to find out what will the cgt implication be when I sell my primary residence and is it worth it for me to continue to deduct my office space as an expense?

Does married in commuity of property mean a partnership?

  Written by Alicia   Posted 7 February 2017

We are married in community of property does this mean this is a partnership for CGT purposes?

Accumulating overseas dividends do I pay tax on these in SA?

  Written by Alicia   Posted 6 February 2017

If the dividends from overseas shares are accumulated back into the fund in the UK, do I need to pay tax on them in SA even if I am not having them paid out to me. In the UK I do not have to pay tax on them if they are accumulated.

Do I declare my CGT on the IRP6?

  Written by Alicia   Posted 6 February 2017

My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but:
1. Do I still need to declare the capital gain?
2. If so, do I declare 50% of it because I own half of the property?
3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.

Rental Income Tax for Foreign Non Residents

  Written by Alicia   Posted 3 February 2017

Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after expenses. It has lately come to my attention that I may need to pay tax on this. How do I get started? I rarely visit South Africa.

CGT Calcualtion for Primary residence

  Written by Alicia   Posted 1 February 2017

CGT Primary Residence with a home office

Base Cost R3m
Proceeds R7m
I use 33. 33% of my primary residence exclusively for trade/business. I have claimed these expenses for the past 4 years when doing my IT12. I have owned the primary residence for 11 years. How do a calculate the CGT taking into account 7 of the 11 years were 100% primary residence

How much capital gains tax for non resident

  Written by Alicia   Posted 30 January 2017

I am a non-resident and would like to find out how much capital gains I would have to pay if I sell my house

Capital gains in provisional tax returns

  Written by Alicia   Posted 27 January 2017

Must capital gains from an investment portfolio be included in the Turnover amount for provisional tax returns 1 and 2?

Tax on an offshore shares trading account

  Written by Alicia   Posted 26 January 2017

Do I pay capital gains on an offshore shares trading account? I have a shares account in the US.

Can I claim the interest I paid on the bond for both my properties?

  Written by Alicia   Posted 25 November 2016

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...

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