Sale of rental property

Posted 17 February 2017

My son works abroad, but he owns a rental property in South Africa which he sold recently. Is he required to pay capital gains tax on the proceeds?

Tax implications on selling my second property?

Posted 13 February 2017

What will my capital gains tax be if I received a payment of R680 000 upon selling my second property?

CGT and new retirement fund laws

Posted 8 February 2017

Non of the tax calculators include Capital Gains tax
What is the impact of a Capital Gains Tax on the allowable RA deduction?

Home office and CGT

Posted 8 February 2017

I work from home and would like to find out what will the cgt implication be when I sell my primary residence and is it worth it for me to continue to deduct my office space as an expense?

Does married in commuity of property mean a partnership?

Posted 7 February 2017

We are married in community of property does this mean this is a partnership for CGT purposes?

Accumulating overseas dividends do I pay tax on these in SA?

Posted 6 February 2017

If the dividends from overseas shares are accumulated back into the fund in the UK, do I need to pay tax on them in SA even if I am not having them paid out to me. In the UK I do not have to pay tax on them if they are accumulated.

Do I declare my CGT on the IRP6?

Posted 6 February 2017

My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but:
1. Do I still need to declare the capital gain?
2. If so, do I declare 50% of it because I own half of the property?
3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.

Rental Income Tax for Foreign Non Residents

Posted 3 February 2017

Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after expenses. It has lately come to my attention that I may need to pay tax on this. How do I get started? I rarely visit South Africa.

CGT Calcualtion for Primary residence

Posted 1 February 2017

CGT Primary Residence with a home office

Base Cost R3m
Proceeds R7m
I use 33. 33% of my primary residence exclusively for trade/business. I have claimed these expenses for the past 4 years when doing my IT12. I have owned the primary residence for 11 years. How do a calculate the CGT taking into account 7 of the 11 years were 100% primary residence

How much capital gains tax for non resident

Posted 30 January 2017

I am a non-resident and would like to find out how much capital gains I would have to pay if I sell my house

Capital gains in provisional tax returns

Posted 27 January 2017

Must capital gains from an investment portfolio be included in the Turnover amount for provisional tax returns 1 and 2?

Tax on an offshore shares trading account

Posted 26 January 2017

Do I pay capital gains on an offshore shares trading account? I have a shares account in the US.

Can I claim the interest I paid on the bond for both my properties?

Posted 25 November 2016

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...

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Are expenses on my primary residence for improvement and renovation tax deductible?

Posted 23 November 2016

Are expenses on my primary residence for improvement and renovation tax deductible?

When do I declare and deduct maintenance and upgrade to my rental property to SARS?

Posted 14 November 2016

How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?

Is proceeds from a trust taxable in the hands of the trustee?

Posted 9 November 2016

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?

Am I due to pay CGT on my rental income?

Posted 7 November 2016

If my rental income are paid directly into my bond account, do I have to pay Capital Gains Tax on it?

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?

Is valuation costs of a building that was sold tax deductible?

Posted 23 September 2016

Is valuation costs on a factory that was sold tax deductible? Or should the fee paid form part of the base cost for CGT purposes?

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?

How do I get the base cost?

Posted 27 July 2016

I recieved a share scheme pay out. I do not have an ITc3? How would I go about completeing the capital gains portion of the document, as I do not have a base cost?

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?

Tax on loyalty rewards

Posted 19 July 2016

If a company gave an employee the right to use the company credit card for purchases at specific brands stores. If the employee has a loyalty card, and the company credit card purchases resulted in him earning a significant amount of reward points, what would the income tax implications be for the employee and their employer.

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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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.
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