What are the tax implications for shares that have been sold?

  Written by Marc   Posted 13 August 2013

I am a pensioner over 65 and receive a pension from a living Annuity and a small income from interest (plus minus R5000 interest per annum). In March 2012 I sold shares that I received from Old Mutual and Sanlam many years ago. What are my tax implications and must I include this in my return?

Thanks

Dual taxation query for international property

  Written by Marc   Posted 13 August 2013

I am living in SA as an SA permanent resident with property in the UK, rented out. Hardly makes any income, so tax is minimal but a UK tax return is filled in.
1) does this UK income/expense need to be declared on a South African tax return?
2) does the salaried income, tax paid and property income and expenses earned in SA need to be reflected on a UK tax return?

Completion letter / Verification of Assessment received

  Written by Marc   Posted 13 August 2013

Hi Tim,

I submitted my return and was asked for supporting docs which I duly submitted. Today I received a Completion Letter from SARS and just uploaded it to find the following:

-------------------

Dear Taxpayer

VERIFICATION OF ASSESSMENT

We refer to the verification of your assessment for the 2013 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required....

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If I make R1m and give 30% to charity, how much tax do I pay?

  Written by Marc   Posted 12 August 2013

If you give more than 10% of your to income charity, do you pay both donation tax and income tax on the amount you gave to charity?

Due date for submission of IRP5

  Written by Marc   Posted 12 August 2013

When will it be the last day to submit my IRP5?

Allowable deductions from rental property income

  Written by Marc   Posted 12 August 2013

Hi there,

Which expenses may be deducted from rental income? Repairs, levy, rates & taxes?
Also, for this particular property, we lived there for 6 months of the year, so can we claim 100% of the expenses incurred for repairs even though we only earned rental income for 3 months of the tax year?

Also, my husband and I are both owners of this property, can I include this property on my tax return only or do we need to split the gain/loss made?

Thank you! ...

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Tax implications of dividends from both local and foreign investments

  Written by Marc   Posted 12 August 2013

Please describe the tax implications of dividends from both local and foreign investments.

Can I register my business for tax after 2 years running?

  Written by Marc   Posted 12 August 2013

I have a business that is just breaking even. I cannot afford to pay tax.

The business is running for two years now and we have not registered for tax or for VAT.

What is your advice?

How to include sale of house and RA in the Statement of Local Assets and Liabilities

  Written by Marc   Posted 12 August 2013

ITR12 Query: Statement of Local Assets and Liabilities
1. Form states that Local Assets should be listed at cost. Does this mean the cost of the asset when it was purchased? I bought my house in 1974 for R19 000. Is this the amount I enter in the fixed properties block?
2. Should the current values of Retirement Annuities be included as an asset?

Must I deduct PAYE from a Namibian resident working in Namibia for an SA company?

  Written by Marc   Posted 12 August 2013

As a South African Company we want to employ a Namibian resident to work in a Namibian store for us but his income will be from us here in SA. Must he register as a tax payer in SA although he is not an SA resident?

How does having an investment policy help reduce my tax?

  Written by Marc   Posted 12 August 2013

With Old Mutual I have an investment. Can I claim this as a tax deduction?

Tax practitioner charge fee

  Written by Marc   Posted 12 August 2013

Is it legal for a person helping with efiling to charge me a 20 percent fee?

R 7,000-00 once write off, what if 4 machines bought each at R 6,000-00 ?

  Written by Marc   Posted 11 August 2013

Hi Tim. Do I understand that the R 7,000-00 write value is a once write off for items less than R 7,000-00?

What is the situation then if I start my business with the simultaneous purchase of e.g. four lawn mowers at R 6,000-00 each. Total cost = R 24,000-00 but I may only write off a once R 7,000-00 ?

What then happens if six months later my business requires one additional lawn mower again at R 6,000-00, and e.g. two months a brush cutter at R 6,5000-00. What may then be written off, if anything?...

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Medical expenses paid from a joint bank account

  Written by Marc   Posted 11 August 2013

We are married in community of property with one bank account in my name. My wife and our children have individual credit cards on the account and all my wife's income as well as tax refunds are paid into it. She is the principal member of our medical aid. Me and her use the bank account to pay medical expenses via credit card and EFT.

Will SARS disallow medical expenses paid from this account in my name, even if it is for her and our children? I settle medical bills via EFT, any one ...

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Tax payable on gifts

  Written by Marc   Posted 11 August 2013

Hi Tim, will I be liable for income tax on monetary gifts received from overseas ?

Supporting docs for sole prop tax return

  Written by Marc   Posted 10 August 2013

What documents should you submit to SARS when they request supporting documents for income tax returns as a Sole proprietor ?

Can I deduct the tax credit as well as the medical contribution paid as a pensioner?

  Written by Marc   Posted 10 August 2013

I am a pensioner now, can I deduct the tax credit as well as my medical contribution paid by my self?

Pay tax on R3600 pm?

  Written by Marc   Posted 10 August 2013

Hi, I work for 2 yrs I was earning R3600p/m before provident and UIF and was given an IRP5 once. I have been dismissed since March 2013, can I still claim for a tax return?

How do I sign my income tax return form?

  Written by Marc   Posted 9 August 2013

How do I sign my form electronically? It seems to need a signature.

What do I do with an IT34 letter saying my assessment hasn't changed?

  Written by Marc   Posted 9 August 2013

Hi Tim, I submitted my tax and was asked to submit supporting docs, which I did (with your help, thank you!). I got a phone call a couple of days ago with a query, which I answered. Then got an email the next day saying there is a letter requiring my attention. On the site, the IT34 letter just says that my assessment hasn't changed but they reserve their rights etc. I think under Status (on the right) it says something like, "awaiting completion". What I need to know is, what do I do with this...

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I don't owe SARS but my company pays my tax

  Written by Marc   Posted 8 August 2013

Every month my company deducts my tax on my salary, but suddenly SARS mentions that I am owing them. I don't know, either the problem is me or it's my company?

Who is liable to claim the medical contributions? Is it me whose account is debited or him?

  Written by Marc   Posted 8 August 2013

I put my parents on a medical aid and my Mum is the principal member with my Dad and sister as dependents. However, for ease of convenience the debit for the medical aid goes off my bank account and not theirs, but my Dad pays me back by paying off my other accounts.
When I submitted the claim, I put this medical costing as a claim on my Dad's return - what was owing to him is now him being held liable to pay SARS that money back. Can they do this??
I have my own medical aid with my da...

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How do I get my IRP?

  Written by Marc   Posted 8 August 2013

How do I get my IRP5 form if I didn't get it from my employer?

How can SARS assess me as being R80,900 in arrears when I pay PAYE each month?

  Written by Marc   Posted 8 August 2013

SARS sent me an SMS saying I have R80,900 in tax arrears. Although I'm registered as a provisional taxpayer, I also paid PAYE through my employer of R39,010.89, and then an additional payment of R44,000.00 three months ago (as am married in C.O.P. and my wife has an annuity income). Can you advise me how to go about finding out why they say I owe so much? I'm freaked out as I simply can't pay.

Will SARS pay interest for their delay? When will I get my money?

  Written by Marc   Posted 8 August 2013

Hi Tim, I submitted my IRP5 and supporting documents on the 11th July 2013. They told me it will take 21 working days for me to get my money but I have not received anything yet. Will SARS pay interest to me for their delay? When will I get my money?
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