Are bond initiation fees, legal fees and valuation fees deductible for tax?

Posted 23 March 2016

Hi, I have registered as a provisional tax payer and did my tax return in August. My rental expenses (levies, interest and taxes) are greater than my rental income I earn. Do I still need to file the provisional tax payer tax return now and see if any payments are due?

I have paid for your services for my personal income tax, but haven't received any of my tax information yet (for investments, medical aid etc). Must I just wait until those all come later in the year and send them thro...

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Is my business liable for PAYE as soon as I register?

Posted 23 March 2016

I registered my SME for PAYE in December 2015. When do I become eligible to start paying PAYE? I'm the only employee and my salary is tax deductible?

Amendments in EMP 201/501

Posted 23 March 2016

This question is regarding amendments in EMP 201/501. The start date of an employee has changed. For eg, The start date was 24rth December, but the amended start date is 24th Nov. He is getting paid for the whole month of December (excluding payment made previously) and 6 days of November In March 2016. He ceased working in January 2016. Should we revise the EMP 201 of November and December? (Accrual Basis)
Or Should we treat the payment in march as a one time pay and amend EMP 501 only? (...

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Duration for submission of AFS

Posted 23 March 2016

I have a question, what is the maximum duration which you are given by SARS for submission of annual financial statements after your financial year end? I am asking this question because I was denied a Tax clearance certificate because I have not yet submitted my financial statements. Also, what is the effect thereof i.e. penalties involved?

Penalties deducted from pay out?

Posted 22 March 2016

I looked on the SARS eFiling and it stated that I should pay them a big amount of money (I assumed it was for late tax returns). A week later they paid out a small amount, after a consultant said we do not owe anything on their system. Am I correct in assuming that they deducted the penalties from the tax returns and paid out what was left? Or should I still be worried about that letter?

Can residual bond interest from one property be offset against rental income from another property?

Posted 22 March 2016

I have two properties and I pay bond interest on both.

With regards to deducting bond interest from rental income, can residual bond interest from property A be deducted from rental income from another property for tax purposes?

It is aleady summarised

Posted 22 March 2016

Is south African interest exempted?

Taxation on foreign sourced pension

Posted 21 March 2016

My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method of retirement would be either on a temporary retirement visa or as a person of independent financial means. I only mention this in case it impacts on my question. My particular interest is understanding how my UK pension income would be taxed in SA. My pension would be derived from a number of sources
1. UK State pension
2. Company pension. All pension is derived from activities not associated with South Africa...

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SARS, bitcoin wallets and disbursement of BTC funds

Posted 21 March 2016

However, there are a number of issues that I cannot get to grips with regarding the storage of BTC in a wallet and the further use of BTC outside the fiat system:

1) If I moved my BTC to a wallet provider outside of SA (blockchain, based in Luxembourg but servicing globally) does SARS see this as an offshore transaction? as:
a) The wallet provider is not a registered global institution as such. b) No interest is accumulated to this wallet / amount, so no income is generated.
...

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Will I receive a penalty if my second provisional tax payment is late, however I make a third top-up

Posted 17 March 2016

Good day, I have not paid my provisional tax that was due on 29 February 2016 due to very little money coming in and low on funds. Will all be in order if I don't pay, but can make the full payment on or before the 3rd optional payment?( September if I am correct)

What to do if SARS penalises me?

Posted 17 March 2016

I was working freelance for 2 companies. My salary was plus minus R15,000 a year. SARS penalised me because I don't fill in forms. They say I owe R10,500. I don't have that money - what can I do?

I have received an ITA88 - what can I do?

Posted 17 March 2016

Hi, I earn under R125,000 a year. I have not filed my tax returns for the past 4 years - recently a huge amount was deducted from my salary (SARS ITA 88) what do I do? Can I get that money back?

Tax number for late father

Posted 11 March 2016

I'm asking for my late father's tax number?

Capital gains tax on primary residence

Posted 9 March 2016

I want to proceed with Tax Tim to complete my tax return for 2015 as it seems I have a penalty of R 1215. My question is, my tax practitioner did not complete my last tax return and I have managed to gain control of my SARS eFiling and changed my status from a Provisional Tax Payer to Ordinary Tax Payer, do I submit my tax return as a Provisional or Personal Tax Payer. I did not work in 2015, sold my jointly owned property in JHB, moved to CT and bought another property from the proceeds. I have...

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Outstanding tax returns and arrears for commission earner

Posted 9 March 2016

I have outstanding tax returns for 2012/2014/2015 and the subsequent penalties outstanding PLUS an arrears amount of just short of R20 000. I am registered for e-filing but find expenses I can claim for and their relevant codes very confusing so have saved the tax returns without any expenses claimed. I am a commission only earner in property sales and have IRP5's for the relevant periods. I have not kept a log book for petrol and kms but have slips for petrol, car expenses, data costs, client ...

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PAYE penalty calculation

Posted 9 March 2016

How do I calculate interest on penalty for PAYE? the amount is R1,856.18 and it is 2 days late.

MInor - tax liabilities

Posted 8 March 2016

If I need to register my child (minor) for tax due to interest and or CGT earned from their investment - do I register them as a provisional tax payer or as an individual tax payer? If my child earns less than R 75,000 through interest/CGT do I still need to register them for tax even though they have no tax liability?

The pricing on your website for individual tax - would assume that this is per tax submission?

How to deal with long overdue tax returns

Posted 3 March 2016

I am a B&B owner and have not submitted tax returns for about 6 years.. What should I do? I also had a job last year for extra income, how will this be treated by SARS as I am a sole proprietor.

IS IT COMPLUSORY TO PAY TAX ON INTEREST RECEIVED FROM A FIXED DEPOSIT

Posted 2 March 2016

I received my late husbands provident fund and invested it into a five year fixed deposit i receive r10 780 a month on the fixed deposit i am 44 years old and unemployed how much tax will i pay at the end of the year

Offshore investing tax implications

Posted 29 February 2016

What are the tax implications of investing in offshore unit trusts and shares and how does one disclose it in your tax return. Thank you

I need clarity on what is viewed as non-retirement income for purposes of the 27,5% calculation.

Posted 29 February 2016

As pensioner, my annual pension amounts to R784 672, in addition I receive taxable interest of R18 000 and tax free interest of R115 200 as well as a consultation fee income of R100 000. I want to invest the maximum of 27,5% in a retirement annuity. How much can I annually invest in a retirement annuity?

How to handle Rental Income when married in community of property?

Posted 28 February 2016

Hi, my wife and I are married in community of property. We own a few residential flats that we rent out for extra income. When it is time to complete our annual tax return and we each fill in details of extra Income on the tax return, must we EACH declare the FULL income from the rentals OR must we EACH split it in HALF and declare that OR must we say we are in 50% partnership on the form where it allows for that? In the tax return it does ask how we are married so does SARS automatically split ...

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Questions on provisional tax

Posted 26 February 2016

A second provisional tax payment should be made end of Feb of each year. Why would SARS effectively require individuals to submit a tax return before the last day of the financial year (28 Feb) when business related expenses and income might still happen?

Apart from wanting to know why this implementation, I also want to know how does the differences gets eventually settled when you do still have income or expences after you have filed late in Feb?

Disclosing interest on the IRP6

Posted 26 February 2016

If a taxpayer earns 130,000 interest in the year, does he disclose the entire amount in the taxable income section of the IRP6 or just the portion of the interest income that is taxable. I,e 130,000 less R34500 exempt portoin. I see the form only deducts the primary rebate.

What are taxable items?

Posted 26 February 2016

What are taxable items
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