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?

Foreign income

Posted 8 March 2016

I am resident in SA for tax purposes I am working in Mozambique and paying 20% tax for non residents. I will be out SA in excess of 183 days. Is this income exempt and will I be able to claim any of the tax paid.

What deductions are allowable against the proceeds for CGT calculation?

Posted 6 March 2016

I need to use the 20% of proceeds method to do my CGT calculation. What are the allowable deductions that I can deduct from the proceeds?

Do I charge VAT as an SA company to my foreign client for advertising on a local magazine

Posted 4 March 2016

Do I charge VAT as an SA company to my foreign client for advertising on a local magazine, and the magazine is being circulated in SA?

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

Tax implication UK state pension

Posted 2 March 2016

I expect to receive a small UK state pension from this year. I am not a taxpayer and am married in COP my husband pays tax. Will this pension be taxable on his tax return?

Tax on monthly fixed deposit income

Posted 2 March 2016

I receive a monthly income from a fixed deposit of R10 605. I am 44 years old and i am unemployed. i live off my fixed deposit. Please calculate how much tax I would have to pay on my investment

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?

Capital Gains in 2016/17 - is it part of Taxable Income for RA calculation?

Posted 26 February 2016

Next year will Capital Gains taxable portion be part of Taxable Income for Retirement Annuity contribution (i.e 27,5% calculation)?

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.

Does a 45-day old business still need to submit a provisional tax return?

Posted 26 February 2016

I am a salaried employee, but since the middle of January 2016 I have been running a business. It's been expensive to set up, and business is slow - I've turned over R50K max and have about R40K of expenses. Do I need to submit a provisional tax return now, or can I carry that amount over and declare it later in the 2017 provisional tax year?

Can invoicing several clients constitute a salary and not trade?

Posted 26 February 2016

I privately tutor pupils at their homes and invoice several clients for this service. One of them pays me a monthly salary (but pays nothing to SARS) based on monthly invoices and the rest I invoice by the hour. Can I declare all of this as a single salary and pay it with my ITR12 or do I need to register as a provisional taxpayer?

I changed from being employed (normal IRP5 scenario) to self-employed during the last financial year so I am not yet registered for provisional tax

Foreign Employer doesn't pay UIF or PAYE for me

Posted 25 February 2016

I am employed by a company outside South Africa and receive my gross salary monthly on which I then need to pay PAYE. My question however relates to UIF. In this set up where the employer does not pay South African taxes, what needs to be done from my perspective in terms of UIF? Do I pay this myself? If so, what percentage - i.e : the 1% normal, or 2% total?

Can I deducted 2 years from my CGT.

Posted 25 February 2016

We just sold a flat that we owned for 10 years. We lived in it for 2 years but we've been letting it for the last 5 years. Do I need to pay CGT of the full 10 years of can I deduct some amount for tee 2 years that we lived in it and it was our primary residence?

Is there any capital gains tax reduction if I resided in the property for part of the time owned

Posted 25 February 2016

This year, 2016, I sold a flat which I bought at the end of 2011 and took transfer in February 2012. The flat was my permanent residence for 1 year. Will there be any reduction on capital gains tax as I was resident in the flat for 1 of the 4 years that I have owned it?

Dividend Tax

Posted 25 February 2016

Is dividend tax deductible from normal tax payable for Micro Business exceeding the R200 000 dividends tax exemption threshold?

Tax payable on sale of shares

Posted 23 February 2016

I am a pensioner 71 years of age. If I sell shares in a company to the value of R33,000.00 and my annual income is R120,000 what % tax would I have to pay on the R33,000?

Is there donation tax payable on a gift?

Posted 23 February 2016

I am selling local property and want to send my two non resident daughters R100 000 each as a gift. Does donation tax come into the picture?

is a marriage by muslim rites included in the definition of a spouse regarding donations tax?

Posted 23 February 2016

What should I select for marital status when filing tax return, religious marriage (married by muslim rites) usually muslim marriages are ANC however we have not yet registered our marriage?
Will my husband be expected to pay donations tax on cash he transferred to me for safe keeping? For tax purposes are we considered to fall within the definition of spouse and as such not be liable for donations tax?

Example: Husband transfer R500 000. 00 of his savings to wife married in accordance with muslim rites, wife invests the money with a Bank and earns interest on it...

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Donation tax between spouses

Posted 23 February 2016

I receive a government pension, interest from investment and income from consultation work. My total income put me in the maximum bracket of the tax tables. My wife receive rental income of less than R10000 a month and pays very little income tax. I am 64 and my wife 60. May I donate an amount of my investment money to my wife (which she will invest). What is the maximum amount that I may donate to her, do I pay tax on the donation and must I declare the donation to SARS? (I struggle with the in...

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Donations tax to my sister

Posted 23 February 2016

Hi Tim I recently bought my sister a car to the value of R150k, do I pay 20% donation tax on the full amount?

Am I a provisional tax payer if I am fully employed by a foreign Co but permanently reside in SA?

Posted 22 February 2016

I have taken the test to see if I need to be a provisional taxpayer and it states that I should not. However, I am employed by a London-based organisation and am permanently resident in SA. I get a payslip every month and am on a permanent contract. I dont pay tax in the UK and SARS advised that I should do so as a provisional tax payer. Is this correct?

If I start a small psychology private practice after hours will I need to register for tax?

Posted 22 February 2016

Hi there, I'm starting a psychology private practice to build experience. I am already employed as a psychologist by a company but I want to add to my experience. Would I need to register for additional tax if I only plan to a couple of patients?

Declaration of interest earned on Fixed Deposit investments for tax purposes

Posted 22 February 2016

Good Day, my question relates to the declaration of interest accrued (but not necessarily paid) on Fixed Deposit investments for income tax purposes. I am a provisional tax payer and prefer to pay the tax in the tax year in which the interest is earned. For example, if I start a 24 month fixed deposit on 1st January 2016, maturing 31st December 2017, interest (simple) payable at maturity then is it permissible to declare the interest as follows assuming for simplicity that interest accrues at R100. 00 per day:...

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