Does C.G.T. apply to the sale of offshore assets held by someone living in SA?

Posted 18 February 2016

Does C. G. T. Apply to the sale off shore assets held by someone who is a permanent SA resident but not a SA citizen?

What are the tax implications of share options?

Posted 18 February 2016

I have an opportunity to exercise options for an unlisted, US-based company. The purchase value of the options will be around $5400 International holding tax of about $4881. 53 so I need to understand what would be expected in terms of a SARS payment. I plan to hold on to the shares.

Will Company Director be responsible for company debt in the event of liquidation?

Posted 18 February 2016

My company owes SARS VAT, PAYE, AND INCOME TAX. If I voluntarily liquidate, with no business assets, and no personal assets, will SARS prosecute me personally if they cant get the money from the company? Does liquidation void the tax debt to SARS?

What is a Members Loan Account?

Posted 18 February 2016

I have a small business and I had an accountant that did my accounts for me. I have noticed that he put in a members loan account under Equity and Liabilities. I am not sure what this means and where he would have received the amount from. Please can you help explain what the members loan account means?

Treatment of rental loss and living expenses while studying

Posted 18 February 2016

From Sep '14 to Oct '15 I temporarily left the employ of my company to study my MBA full time overseas. During this time I rented my primary residence in South Africa out. (a) Am I able to deduct the losses on the rental of my primary property (rent - levies - interest on bond - rates) from my taxable income?

(b) During the time I was away, I had to make use of savings to pay for living expenses (food, necessities, partial travel expenses, but NOT tuition, textbooks, accommodation, vi...

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Capital gains or Income tax

Posted 17 February 2016

Bought shares for R5000. 00 in 2008
Opened a share trading account in 2015. No of shares was 187 and the value was brought in as 187 x R1854
R346698. Sold in 2015 for R1822. 00x187
Also bought other shares which is share trading. Is this Capital or income

Supporting Elderly Family Members

Posted 17 February 2016

I support my elderly mother on a monthly basis with around R2500 p/m - is there a tax efficient or tax deductible manner that this can be done?

ITR 12 or IRP6?

Posted 17 February 2016

First of all I do have a tax number after working for an investment company a couple of years ago. I then resigned there and for the last three to four years not needed to pay tax. Currently I work for myself receiving three to four different income streams. All under my own name from research to maintenance. My question is: I now have to start paying tax again. The taxing income started on 1 Sep 2016, thus the first six months goes to end Feb. Do I need to submit a ITR12 or IRP6? And which pack...

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What are my SARS obligations on UK earnings?

Posted 17 February 2016

I am South African with a British Passport. I lived in the UK for 9 years and am now living in South Africa and have done for the past two years. I do not work in South Africa, all my earnings come from my registered business in England. What am I required to do with SARS? I obviously pay tax on earnings in UK and every couple or so months I transfer money over to South Africa.

SARS Retirement Fund Lump Sum Tax Calculator

Posted 17 February 2016

Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken.

Turnover Tax Exceeded limit

Posted 16 February 2016

TaxTim, I have a company registered for turnover tax. I Have the following questions please:

1 - What happens when you exceed the allowed R1m turnover in a tax year?
2 - Do you have to recalculate tax for the past year using the SBC Tax Tables?
3 - What about the VAT? I have not registered for or charged VAT, what will happen now that I've exceeded the R1m threshold. I thank you in advance for your support.

How can we prove to SARS that we were not in the country and do not need to pay tax?

Posted 16 February 2016

My partner and I were living abroad for over 18 months and did not visit South Africa once during that time. My partner went to SARS and did all that he should have done to be legal with all his forms to prove he didn't need to pay tax for those 18 months. But now he has received a message from SARS stating he owes a large sum of money. Why is this? And how do we go about it?

What to do about old tax returns since leaving South Africa?

Posted 16 February 2016

I left South Africa in 2003 and did not formally emigrate. What should I do about all those outstanding tax returns?

Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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How does it work now if you just earn commission but tax and uif does not get deducted?

Posted 16 February 2016

Hi. I used to work for company that deducted tax from my salary, so I'm a registered. But now I work for a company that does not deduct tax and I only get commission. My question is how do I claim my tax for my medical aid if I don't receive a IRP5?

How does it work now if you just earn commission but tax and uif does not get deducted?

Date due fot IT14 12

Posted 16 February 2016

When is annual tax return due for companies 2015 financial year

Will SARS pay me a refund based on my retirement annuity if I am declaring no income?

Posted 16 February 2016

If you are working overseas and are declaring a NIL tax return due to the income being exempt can I still claim a deduction on my retirement annuity?

Is necessary to be registered as taxpayer before I start a micro business?

Posted 16 February 2016

Can I start a small business like a tuck shop before I register as tax payer, or must I be registered as tax payer first?

How much tax on provident fund withdrawal?

Posted 15 February 2016

I have been working in the mining industry for the past 8 years and I am about to be retrenched. I currently have R769 837 in provident fund. I intend to cash that money and pay off my bond. Please, tell me how much am I going to receive after all the tax has been taken.

Tax percentage for overtime

Posted 15 February 2016

Hi Tim, what is the tax percentage for over time when I earn R70 per hour?

Apply RA tax deductible to provisional tax payment or get a refund after the final tax submission

Posted 15 February 2016

I am a provisional tax payer and contributing the maximum allowed deductible to an RA (15% of non-retirement funding income). I would like to know whether I can deduct this from the taxable income myself for the provisional tax payment, meaning I pay less to SARS now and do not get a refund later, or whether I should pay tax on the full income without deducting the RA deductible and then get a refund from SARS later on? If I have a choice, I would prefer not overpaying taxes to SARS and aim for ...

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Family gifts less than R100 000

Posted 15 February 2016

Hi there!

I've read your post about family gifts of money and I just want to confirm:

If my father gives me less than R5000 per month as per a family agreement, I do not have to pay tax on the receipt of this money and have to just include it in the section of my tax return as "Amounts not considered taxable"?

As well as this, my father will not have to pay donation tax because the sum will not exceed R50 000 every year?

Chairperson tax explained

Posted 15 February 2016

Please explain the following to me:
1. The taxation of non-executive chairpersons of small companies earning a monthly amount in directors (Chairperson) fees. (They work full time earning a salary from a different Company. )
2. Should the non-executive chairperson be treated as an employee on the payroll of the small Company whilst working for another company or can it be treated through normal finance department transactions?
3. Should the normal statutory deductions like SDL an...

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What tax is payable on overtime and standby?

Posted 15 February 2016

How much tax must be paid on standby and overtime?

Where to disclose SASSA income on tax return?

Posted 15 February 2016

I receive a disability state pension from SASSA as well as another small monthly annuity. Do I have to put the SASSA income onto my tax return? And if so what documents do I need and where does it go on the form?
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