CGT on jointly disposed asset

  Written by Marc   Posted 20 November 2015

How to complete a tax return when you have jointly disposed of a asset that attracts CGT. Do you load it on both's tax returns or only one - married ANC with accrual

Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio incom

  Written by Marc   Posted 20 November 2015

Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio income summary?

Is capital gain only for the period that a property is rented if it was a primary residence?

  Written by Marc   Posted 20 November 2015

I would like to sell a rental property which was my primary residence from 1 September 2007 -30 June 2012. It has been rented out from 1 July 2012 till the date of sale? December 2015. This means it was my primary residence for 5 out of 8 years. Is the capital gains calculated for the 3/8 years ie: 37,5%?

where do I put medical aid savings interest earned INCOME TAX - IT3(b) in the tax returns?

  Written by Marc   Posted 19 November 2015

This year I received R400 from an INCOME TAX - IT3(b) from the medical aid as interest earned, this is the first time I receive it with an amount previously it will just be R0. 00. Do I need to include this amount in my tax return and if I do where do I put in?

Which section does capital gains tax fall under?

  Written by Marc   Posted 19 November 2015

During the past tax year, my husband and I (married out of community of property) bought a property together to rent out. We fixed it, but subsequently sold it for various reasons. Which section does this capital gains tax fall under? It's not under interest/investments and the questions under "business" confuse me... Thanks,

Home office

  Written by Marc   Posted 19 November 2015

What evidence do I need to claim expenses for a home office?
What expenses can I claim besides rental?

What is the limit on taxable interest from investments per year?

  Written by Marc   Posted 19 November 2015

What is the maximum amount of interest I can receive on my investments for a year, before I begin to be taxed? I am not married. I have a Fixed Deposit and I receive rental income.

How to declare other income, if when combined with interest income is still below the threshhold

  Written by Marc   Posted 19 November 2015

I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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Allocation of rental income on jointly registered bond.

  Written by Marc   Posted 18 November 2015

My partner and I rent out the garden cottage of our primary residence, the bond of which is jointly registered in both our names. We are not married. The rental is paid into her account, but I pay for most of the expenses from my account... The bond on the property etc. How should the rental income be declared - hers since it is paid into her account, or jointly (50%-50%) since the asset is in both our names and we otherwise share household expenses?

Multiple rental properties

  Written by Marc   Posted 18 November 2015

I have multiple rental properties. Do I add all the income and expenses together? On the SARS form, it was always specified separately

Capital Gains Tax of a property that was 5 years primary residence and then 6 years Rented out?

  Written by Marc   Posted 17 November 2015

I have a second property that was my primary residence for 5 years (bought for R200k) and then rented it out for another 6 years. Not I sold it (R500k). Do I pay Capital Gains Tax for the entire 11 years (R300k) or can I pro-rata the Taxable Capital Gains as (6/11 x R300K = R163. 6k).

How will the last year tax returns affect the new year if its not paid?

  Written by Marc   Posted 17 November 2015

If I have an outstanding amount to pay, will it affect the new year tax returns?

Source codes 4201 & 4250

  Written by Marc   Posted 16 November 2015

Which section do you enter income source code 4201 & 4250? I have investments at RSA Retails Bonds and Satrix. I didn't see anywhere to enter it.

Sale of property - sale resolution

  Written by Marc   Posted 16 November 2015

My property was sold in November 2014, but the proceeds only entered my account in March (if I remember correctly). Do I then need to note it on my 2015 tax return?

Is it better to buy or lease a vehicle for a commission earner?

  Written by Evan   Posted 16 November 2015

I am a real estate agent and require a vehicle to travel to appointments, etc. Would it be better to buy a vehicle (new or used) or lease a vehicle? My understanding is there are greater tax benefits in leasing (claim 100%) while buying a vehicle there is only a portion of the vehicle and interest you can claim. Is this correct? Which would you recommend?

Primary residence that is jointly owned by my wife and I considered a partnership agreement?

  Written by Evan   Posted 15 November 2015

My wife and I sold our primary residence this year. The property was on both our names. One of the questions on the tax return is:

"Was the joint ownership described in a contractual partnership agreement?"

Does this apply?

Stipend and Capital Gains Tax for student studying abroad

  Written by Evan   Posted 13 November 2015

I am a South African citizen who used to work in SA (tax registered), but have been studying full time in the UK since February 2015, being paid a monthly stipend of 1150 pounds by my financial sponsor (It sounds like a lot if converted to Rand, but it is barely enough). Do I have to pay tax on this income in South Africa?

I am about to sell a property in South Africa which I inherited from my Dad and the Taxable Capital Gain ((Proceeds - Base Cost - Annual Exclusion)*33.3%) will be r...

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Part-time home studies tax rebate for bond/rental?

  Written by Evan   Posted 12 November 2015

Which section of the Income Tax Act allows one to claim a deduction for bonds/rent if one is studying part-time from home?

Supporting documents for capital gains

  Written by Evan   Posted 12 November 2015

I just got notified that you submitted a revised ITR12 which records the primary residence exclusion of R2000 000. The new ITA34 I received now reflects an amount of -R14 290. 15. But now I am being audited. They are not clear on the documents that I have to submit. They ask for my IRP5, medical aid certificate, IT3B tax certificate. With regards to the capital gains part, there are no specific requests. Should I submit the final statement of accounts for the purchase and sale of my former resid...

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How do I account for various line items in IT3b Discovery investment certificate?

  Written by Evan   Posted 11 November 2015

I receive two tax certificates from Discovery for the same investment product. One is an IT3b, the other an IT3c. While the IT3c shows a source code of 4250, the IT3b does not show source codes. It shows "Gross foreign dividends", "Local interest voluntary", "Gross foreign interest" & "Local dividends (exempt)". It also shows withholding tax on 3 of them, and a "Net total".

When declaring my local interest earned, should I add just the "Local interest voluntary" amount from Discovery...

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Tax and handling donation from non SA resident

  Written by Marc   Posted 9 November 2015

Dear Tim,
Are there any taxes due in South Africa, if my daughter (non SA resident, living in Australia and having Australian passport) donates money (more than ZAR100K) to her parents, and we do not transfer the money to SA and keep them within a bank outside SA (UK or other place) and in different currency?
1. Do we have to declare such a donation on our tax returns and what are the tax complications here?
2. Do we have to declare this account/amount every year in our tax returns and pay some taxes like capital gain tax as a result of Rand depreciation?...

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Refuse and water costs included in rates, taxes and levies for business

  Written by Marc   Posted 9 November 2015

In the TaxTim system in the Business Income and Property Rental section I am asked to enter "electricity or rates/taxes/levies". Does this include refuse removal and water? Basically is this the total from my council bill, apportioned for business obviously?

2nd property

  Written by Marc   Posted 8 November 2015

I have a 2nd property. Thats not my primary residence. We want to sell it. For R500 000. Bought it for R80 000. Owi g R200 000. What portion will go to tax. Do we pay tax on the resale value or the profit value. Thanks

Rental costs whilst unit is empty before next tenants

  Written by Marc   Posted 8 November 2015

Let's say people rented a property and they left end of June and you sold the property with transfer going through September and it's not your primary residence. Would you account for the costs of levy etc between July Aug and Sep as part of the rental income deductions section?
The property was for rental specifically.

Capital gains tax exemption

  Written by Marc   Posted 6 November 2015

I have to calculate capital gain on a rental property ( not a primary residence). It seems we can deduct a R30 000 natural person exemption. Does SARS eFiling automatically take off that R30 000 or am I supposed to put it in somewhere?
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