Letting out primary resedence

Posted 30 December 2015

Getting married, out of community and moving in with her in her house. Want to let out my current residence. Do I have to pay tax, declare. This is the only property on my name. Am I exempt of paying tax on the income earned?

Desperate for correct advice

Posted 30 December 2015

Hello.... My mother is turning 86 in February 2016. She rents out rooms in her house on an informal basis and this provides an irregular income. She has small monthly annuity payment of about R1000 which ceases on her death. What is the taxable income threshold for someone of her age and does she really need to to submit a yearly tax return?

Tax on 30 000

Posted 15 December 2015

I am selfemployed sole trader. I need to know how much tax I will pay if I show a profit of say 30 000. Looking to get a mortgage soon so need to put my books in !!!!

Jointly owned rental property and non-mortgage interest.

Posted 11 December 2015

A rental property is jointly owned by two individuals. There is no registered bond over the property, however each part owner has contributed funds to purchase the property. Can a loan be created and interest charged on this loan to each of the owners and a corresponding interest deduction against the rental be claimed?

Do you have to pay CGT with your first provisional tax payment?

Posted 10 December 2015

We are completing our 1st provisional tax return for our property company, and because we have disposed of properties in the last 6 months, this has triggered a Capital Gain which is payable to SARS (we donâ%u20AC%u2122t have any assessed losses which we can utilise). Our question is quite simple. Do you have to pay over the CGT to SARS with the 1st provisional tax payment, or can you defer it to your 2nd provisional tax payment?

Ideally we would like to push this out by 6 months to...

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IT3b on loan accounts for tax purposes?

Posted 10 December 2015

If you earn interest on loan accounts from your company and the company do not issue IT3b from the company what do you use as supporting docs for interest income?

Delay of refund due to audit and outstanding tax returns from 2005/2006

Posted 9 December 2015

I have enjoyed many years of good refunds from SARS. ( round about R30 000. 00 per tax year) This year I had an audit and they then issued a letter of completion but flagged my account for an outstanding tax return for 2005 and 2006. With great difficulty I managed to get a copy of 2005 IRP5 but could only get proof of salary for 2006. These years of income were very small and simple as there was only a small car allowance to factor in. I have subsequently been selected for audit again on these small tax returns. My questions are :...

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Capital gain and recoupment consideration?

Posted 9 December 2015

When you sell a property at a profit. Should there be a recoupment in your tax return as well as a capital gain? I. E. You reverse any deductions that you have received over the life of the asset via the recoupment, and then the proceeds are reduced by the recoupment and the deductions are reduced against the base cost.

Should my rent which is paid by my boss, reflect on my payslip?

Posted 8 December 2015

I am renting a house in town. My boss pay the whole amount of R 3500. 00. Should this reflect on my payslip and how?

Format of a payslip (proof of payment )

Posted 7 December 2015

What is the format of a payslip as regard for proof of payment to a day-labourer who've worked 1 day doing maintenance work at a house you renting out.

I'm due for a refund but still owe SARS...

Posted 4 December 2015

I'm due for a refund but there's a 'hold-up' as I owe SARS something from 2009. I'm not sure what to do fro this point forward - where or how do I find out what is owed - how can SARS be owing me when I owe them - why weren't there red flags or bold flashing print popping up when I completed my annual tax returns?
It's like they're hiding the fact that I owe them and I've now probably encured some hefty penalties and interest... ;(

What do I do?

What would be the amount of tax we would have to pay and why.

Posted 2 December 2015

Bought vacant land contract dated 5th October 2001 in a cc, for R87764. 00, became the members on 7th January 2002, what would the tax implications be if I sell this property now at R1 000 000.

Loan to Company to purchase goods

Posted 2 December 2015

I have a EME business and from time to time I use my private bank account to purchase items for orders I receive. When I then get paid by the customer I just transfer the money I loaned to the Business beck to my private account. Is that acceptable to SARS and what records must I keep?

Will I be penalized for not filling in a tax return for last year and this current year

Posted 1 December 2015

I have been working for 2 years now, I started 3 December 2013 and I never filled in a tax return before. I only became a permanent employee 1 April 2015 and only then started contributing towards a medical aid and pension fund. I have missed the 27/11/2015 tax return deadline. I am not sure how this whole process works. Will I be penalized for not filling in a tax return for last year and this current year. I will be more than happy to pay for your services. Regards

Forgot to include something on tax return

Posted 1 December 2015

HI. What if you forget to include something on your tax return, but have already filed it..... I have incurred a capital gain due to the sale of a property, and see that I should have included some share sales, which incurred a loss. Would they have been set off against each other?

Tax on Loans

Posted 1 December 2015

If my brother gave me an interest free open-ended loan - what would the tax implications be?

Investment income whilst being in the UK

Posted 1 December 2015

I earn R3000 per month from an investment and this is my sole income. I invested in July 2015. I have been in the UK since July so might be classed as a non permanent resident for tax. While in the UK I have not earned any income and if I have in the past I have paid UK tax. Do I need to file a tax return for this year and get an ITb3 certificate from the bank

Does Base Cost include interest over time?

Posted 1 December 2015

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?

Move from a Tax Consultant

Posted 30 November 2015

I am at present using a tax consultant. How do I transfer to doing my own tax return with the help of Tax Tim?

They have all my records etc.

Tax on Rental Income

Posted 30 November 2015

Dear Sir/Madam

I am South African, but living and working in Kuwait. Back in Durban I own 2 properties which are rented out to tenants. Property 1 - rental income is R6200. 00 pm, monthly bond is R3500. 00, rates is R1600, monthly levy is R850. 00. Property 2 - rental income is R4500. 00, bond is R3550. 00 pm, rates is R350. 00, Levy is R700. 00. I have no other source of income in SA. Do I pay tax to SARS?

I was a registered tax payer whilst I worked in SA. But no longer....

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I am a commission earner and earned R 486 342 but my tax assessment states that I owe SARS R2327719

Posted 28 November 2015

I am an estate agent, I've submit my tax returns and have received a shocking assessment of R2,327,719. 96
I earned R486 342,00 in commission from selling property. I suspect I might have made an error where I was asked about turnover and I put the value of the properties that I sold which is about R7,000,000 and am afraid SARS wants to tax me on that whereas I only received and average commission of about 5%. Kindly advise how I rectify this.

Declaring Income on IB3 (b)

Posted 28 November 2015

I HAVE A ITB3 (b) document/certificate from Nedbank for Income from Investments, Property Rights and Royalties. Where do I need to declare the interest? What source code?

Provisional Tax interest

Posted 27 November 2015

I am a provisional taxpayer and I am only submitting 2014-2015 now, I am trying to calculate my penalties but I do not have the figure for the provisional tax amount?

Sole proprietor of a carwash claim the whole amount paid for electricity, water & rent.

Posted 27 November 2015

Can a sole proprietor of a car wash claim the whole amount paid for electricity, water & rent.

Do two owners need to split rental expenses and income in a tax return?

Posted 27 November 2015

My wife and I share a rental property and split costs equally. Are we meant to split these on our tax returns or should we populate only what we each pay from our specific bank accounts? Rental income comes into my bank account and the interest expense comes off it as well.
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