How do I claim for the purchase price of 3 flats that I rent out?

  Written by Marc   Posted 14 October 2012

I have finished my claim, I noticed a place on the form to enter the interest I paid to the bank for the finance. Is there no way to claim for the actual money I paid for the flat each month compared to what I earned each month in rent?

Capital Gains Tax

  Written by Marc   Posted 20 August 2012

I received an inheritance. I sold the property. There is no base cost, since I did not pay for the property and there is no improvement made. How do I proceed with the question.

SARS is asking for more documents. Are they auditing me?

  Written by Marc   Posted 13 August 2012

For most people upon submission of their year-end income tax return, either nothing much will happen or a refund will be due, this being paid back within a matter of days. However in a small number of cases SARS requires extra documentation or proof to be submitted so that they can verify that everything you submitted in your tax return is correct. Don’t be afraid, although many people consider this an “audit” it isn’t nearly as frightening as that and doesn't mean you have done anything wrong. A true audit would be SARS requesting years of past documentation and opening up for examination all your tax affairs from previous years. ...

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Do I have to pay tax on a property in South Africa I sold, if i am a UK citizen?

  Written by Marc   Posted 11 August 2012

I had a flat in South Africa which I have sold in Oct 2011 & made a capital gain of about R200 000 less fees of approx R70 000, do I need to fill out tax return for yr ending Feb 2012.

What is the period allowed for disposal of a primary residence for capital gains tax?

  Written by Marc   Posted 8 August 2012

We are planning to move into another house and have not decided what to do with our current primary residence. If we move out, for how long is it still considered a primary residence, as it will take time to sell it? Also, what is the tax we would pay on any sale profits if sold as a primary residence or as capital gains? Am married in community of property.

How do I calculate how much tax I owe?

  Written by Marc   Posted 23 April 2012

TAX PAYABLE is essentially calculated as follows:


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How do I know if I am a tax resident of South Africa?

  Written by Marc   Posted 15 March 2012

A burning question people often ask tax professionals is whether or not they are a tax resident in a certain country. The question is important because it distinguishes between tax residents and tax non-residents – both paying tax in South Africa.

• Tax non-residents are people who do not ordinarily reside in South Africa but do business here and thus pay tax to the SA government ONLY on what they earned from South African sources.

...

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South African budget 2012/2013 - "Tax by stealth"

  Written by Marc   Posted 23 February 2012

Eagerly anticipating the budget this year and forever the optimist, Finance Minister Pravin Gordhan started off well: R9.5bn of individual tax savings and revenue collection up by R10bn from the latest estimates. However, for the individual taxpayer, things went slightly downhill from there... Let’s unpack this a bit.

Not all Doom and Gloom

Ok, ok so maybe I have been too harsh as only certain individuals (the richer ones) will actually be subject to greater tax, the lower end income earners will benefit quite a bit from the new tax changes...

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What is Provisional Tax?

  Written by Marc   Posted 6 January 2012

So as we are getting closer to Provisional Tax Season the question on taxpayer’s minds is, do I qualify as a provisional taxpayer? The Income Tax Act sets out specifics as to who qualifies and who doesn’t.

If you are a salaried employee then your employer will deduct a monthly amount and pay it over to SARS on your behalf. You will only have to file one tax return at the end of tax season.

Otherwise you may qualify as a provisional taxpayer and will have to submit a return twice a year...

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