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?

Exempt amount of interest

Posted 23 February 2016

What is the Interest exempt amount for year ended Feb 2016.

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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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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How can I get an ITA34 as soon as possible?

Posted 22 February 2016

Hi Tim. Im trying to buy a property by taking out a mortgage bond. The agent has told me that they need an ITA34 from SARS so the process can continue. I have no idea what this is as my employer is responsible for my tax issues. I have never done a tax return before neither do I know if my employer has been paying for my PAYE. Please help.

Private company that does not pay tax and never register for tax what are the penalties?

Posted 19 February 2016

Private company that does not pay tax and never register for tax what are the pelnaties

Ring fencing of assessed loss

Posted 18 February 2016

I sold a property during the 2015 year of assessment and made a significant capital gain. I also claimed an assessed loss deduction on the same property for rental losses (finance charges, levies etc) against my other income up to the date the property was sold. SARS ring fenced this loss as my total taxable income falls in the highest tax bracket. However this is only as a result of the significant capital gain I made on the same property I claimed the loss on. Is there a provision in the act t...

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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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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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Deduction of finance charges from rental income.

Posted 9 February 2016

I have a question relating to rental income from investment property in my personal name. Very simple put, I have R 1000 000 available on my primary residence bond - I would like to utilize this to acquire a rent producing flat. Will I be able to deduct the finance charges incurred on the R 1000 000 from the rental income to reduce my taxable rental income?

LOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY

Posted 9 February 2016

i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa
from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks.

Do SARS offer payment plans?

Posted 9 February 2016

Do SARS have a payment option, I have been informed that I owe them an amount from 1999 and the interest is now more than what the original amount was. I cannot pay it all at once, so do they have payment options

What are the penalties and interests paid for provisional tax?

Posted 8 February 2016

What are the penalties and interests paid for provisional tax?

Will I be taxed if I loan my brother money interest free?

Posted 8 February 2016

Will I be taxed if I loan my brother money interest free. I am a South African resident but he lives in the UK.

1. penalty - delayed return. 2. submit returns for previous years 3. community of property/customery

Posted 8 February 2016

1. What is the penalty for delayed tax return submission?
2. Can you still submit tax returns for previous tax years which were never submitted?
3. What effect does married in community of property or customary law

UK property income disclosure

Posted 5 February 2016

I am due to become a SA tax resident in the next tax year if I stay (not my intention to stay, but may become a SA tax resident due to physical presence test). I have income from Uk properties which is declared on my uk tax return and uk tax is paid. I still have some net income. Questions:

1. How is this noted on my SA tax return. Ie after uk tax is paid? Or before with a credit for tax paid? But will be paying tax twice?

2. Where is this to be put on the tax return?
...

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Gift tax on a amount received in January plus an additional amount of R330,000 coming in march

Posted 5 February 2016

I have already received a money gift from my sister in the uk for R70,000 this year. She now wants to send an additional R330,000 in order for us to move to another property which is more expensive than the one we have. How much tax would we have to pay. Would it help if R100,000 was deposited into my husbands account although we are married in community of property

Tax Free savings accounts for married couples who are both provisional tax payers

Posted 5 February 2016

Hi, My wife and I are married in community of property and are both provisional taxpayers. My wife does not work and I am retired. Our income comes from investments and for tax purposes such income is divided equally between us. My question is with regard to tax free savings accounts. In the circumstances which I have described, are each of us entitled to open tax free savings accounts?

What return must I submit?

Posted 3 February 2016

I owned a business for portion of the year and made drawings from the business. Then I leased out my business for the remainder of the year and received rental. Do I fill out an ITR12 tax return. If not, what form do I complete?

Rental income & expenses, can I claim on regularly inspecting my property?

Posted 1 February 2016

I will be renting out my primary residence in Cape Town for a few years while I work on the Wild Coast rent-free. Can I claim a quarterly site/property visit/inspection as an expense for tax purposes?

Donations Tax on house sale to sister.

Posted 31 January 2016

I plan on selling a fixed property worth R450 000 for R225 000. How much will the donations tax be?

Slitting income when married in community

Posted 29 January 2016

Can you please explain what amounts get slit 50/50 when a couple is married in community of property please? My husband is retired and I am the breadwinner. We receive rental and interest. Also what to do with the medical expenses, both membership & additional, in my name only?

Tax thresholds and married in community of property

Posted 28 January 2016

I am a provisional tax payer 66 yrs of age & married in community of property my income is derived from an annuity & interest from fixed deposits, what is the maximum I can earn before I pay tax.

As the sole employee and director do I have to pay PAYE or can I pay provsional tax bi-annually?

Posted 28 January 2016

I am an independent consultant. I have been operating since June 2015 and have been paying myself a salary and deducting PAYE
I have recently found out that I must be a provisional tax payer as well
Since I have started in June and have not deducted any expenses to arrive at my taxable income, it appears that with 2 months to go I have overpaid my tax significantly
from a cash flow perspective, I will only receive my refund around July/August
Am I able to not pay PAYE for the...

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