Can I get a UK CGT credit against SA CGT?
Posted 31 October 2016
If I am resident in SA but sell a UK property I will have to pay UK CGT, but as this isn't income tax, will I get a credit for the UK CGT paid against the SA income tax due on the gain?
Can a landlord claim travel expenses in relation to the rental income?
Posted 25 October 2016
If the landlord has driven from JHB to CT, for example, primarily to effect repairs & maintenance on their rental property between tenants, as well as to meet with prospective letting agents for future employment, can they claim the petrol for this trip? (Approx. Two thirds of this time was spent on rental-related activities, showing the apartment etc, & one third of the time was recreational). If a deduction is possible, what proof does SARS require? Thanks very much.
Freelance & Full time job tax submission, can I complete this on one form?
Posted 20 October 2016
I have a full time job, but do freelance on the side. I would like to submit for my job as well as my freelance, including the mac I bought, my Fiber line rental and anything I purchased to run my freelance job. Is this possible? Which option should I apply for?
SARS ring-fenced the loss on my rental property, can I request that they revise my assessment?
Posted 14 October 2016
I had a property that I rented out to tenants for the last 4 years. In the 2015/16 tax year, I made a loss on this, due to the expenses exceeding the rental income I received. I reflected this loss in my tax return. SARS then audited my tax return, and they ring-fenced the loss. However, at the end of the 2015/16 tax year, I sold the property, and have obviously not been receiving rent or incurring expenses relating to the property since then. What now happens to the ring-fenced amount? Am I entitled to ask SARS to re-assess given the circumstances? Or do I just accept it as a loss?...
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Rental property allowable deductions
Posted 21 September 2016
I bought a property and am renting it out. I know I have to submit the rental income. Am I also able to submit the expenses (i.e. Transfer / legal cost to obtain the property) levies paid, rates and taxes and electricity for this property?
Tax deduction for interest on personal debt?
Posted 18 August 2016
Is interest on debt (credit card, loan, etc. ) tax deductible?
IRP5 Form for new tax year, can I claim back the tax I paid now already?
Posted 8 August 2016
I worked for a firm March to July 2016 as a temp and according to them I only need to submit my IRP5 Form next year 2017. They advised me that they will only process their IRP5's again next year 2017 and that the next tax season is 1 March 2016 to 28 February 2017 and I must submit in 2017. Is this correct. They took 25% tax off my salary as a temp for these 5 months and I need to claim these monies back.
Loss on rental property is SARS right in ring fencing it?
Posted 8 August 2016
We rent out our holiday home and make a loss as the maintenance and interest is always more than the rental received. SARS has now decided to ring fence this loss. Is this possible as going forward we may always run at a loss as our bond is high?
Interest on Vat invoices
Posted 4 August 2016
Good Day, I want to send out a statement to a client. And I need to ad interest on the outstanding amount. Should I calculate the interest on the non-vat amount of the invoice, or should I charge interest on the full outstanding amount (That includes the VAT)?
What is the SARS source code for compulsory purchased annuity?
Posted 4 August 2016
I have purchased a compulsory guaranteed annuity from a life insurer with funds which were transferred from a living annuity with another life insurer. The living annuity was also due to a compulsory annuity purchase. The SARS source code being used for the monthly income from the compulsory guaranteed annuity is 3611. Is this correct as is this code not only applicable for the taxable interest from a voluntary annuity? If the source code is incorrect, what should it be?
How do I declare the income earned from a group savings?
Posted 2 August 2016
We have a group savings; we have received a tax certificate for it. How do we claim for it? As there are 3 signatories and in total there are 6 people contributing towards it?
Can I get refunds on my bond repayments?
Posted 28 July 2016
Can I get refunds on my bond repayments?
Bond repayments on a rental property
Posted 28 July 2016
Rental income which I have declared. The bond repayments, is that part of expenses? What about the extra R1000 which I put towards the bond repayment? Where does this fall? I did not enter it at all. Please help
Is the interest from an inheritance in a foreign country subject to taxation in SA ?
Posted 27 July 2016
An inheritance is received by a South African resident following the death of a family member in the UK. The bulk of these funds remain in the recipient's bank account in the UK, with some funds being transferred from time to time, when needed. How is this situation viewed by SARS? Is it necessary to declare this foreign asset together with the annual interest, bearing in mind that the funds originated in the UK, and as a result of an inheritance
Tax deduction for insurance on rental property
Posted 22 July 2016
Can the excess I paid on an insurance claim be claimed as an expense on my rental property and are the proceeds from the insurance claim taxable?
How should joint rental income and expenses be split and declared?
Posted 22 July 2016
My wife and I (married outside of community of property) jointly own a property (50/50). We rent this property out, and receive a rental income in doing so. The lease agreement with our tenant lists both myself and my wife as the lessors. The rental payment from the tenant is made into my own bank account, from where it is balanced into my wife and I's joint monthly household budget. There are also monthly expenses associated with leasing our property, such as maintenance, services, and bond int...
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How much tax must I pay annually if I'm a pensioner earning investment income only?
Posted 21 July 2016
I am 70 years old. IEarn R180,000 interest lumpsum annualy. I have a wife without any income.
Where will I complete investment income on my efiling return?
Posted 19 July 2016
Where is savings interest declared
Rental property - Repairs and maintenance/capital expenditure
Posted 19 July 2016
An individual moves out of their primary residence on eg 12 March 2015 to rent it out and purchases (and pays) for a new oven on 17 March to replace the existing oven which is not working properly. The oven is purchased so that there is a working oven in the property when a tenant moves in. A tenant starts renting the property from 1 July 2015 (only from July 2015 and not sooner due to not being able to find a tenant sooner). The oven is installed on July 2015 when the tenant is renting the property...
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Due date for ITR12 2016?
Posted 18 July 2016
What is the due date to submit my IRP5 to SARS for 2016, is it before 25 November 2016?
Rental expenses but not receiving rental income
Posted 15 July 2016
I have another property where my father lives. I still pay the bond, levies electricity and water etc.... Can I claim those expenses without receiving any rental income?
If not, would you advise that I ask rent from him in future for that to be possible?
Tax on interest
Posted 15 July 2016
Hi. I am unemployed but my income from investments and interest exceeds R30000 but below R75000. Do I pay tax?
Does interest form part of the R75000 threshold or R30000?
Is my bond installment, tax deductable?
Posted 14 July 2016
Hello Tim. I am a home owner and currently staying in the house where do I have to put in the amounts that the bank send me via a tax invoice? The invoice states that its for tax purposes.
Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?
Posted 13 July 2016
I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?
I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...
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What expenses can I deduct on my Forex earnings?
Posted 13 July 2016
I am a full time employee, earning a salary every month. I recently started trading Forex and understand that the profits will be added onto my existing income for the year and taxed accordingly. I would like to know what kind of expenses can be deducted from tax that is paid on the profits for that year. Can I deduct my "office space", adsl / fibre internet (full monthly subscription), % of municipal bill, interest on bond, etc as all of these items are used to generate or assist in gen...
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