Capital gains tax on inheritance and selling of fixed property.

Posted 5 February 2014

If I inherited a holiday from my uncle who passed away in 2013, and I am selling the home in 2014, what will my personal tax implications be? The value of the home at date of inheritance was R820,000 and the selling price of the home will be R1,100,000.

Tax for one who has been some unemployed, some working overseas?

Posted 5 February 2014

Ok, so I was retrenched on March 27th 2013. I got a 2 month severance package. From 15th of April up to 30th August I was lucky to get consistent temp jobs. Then from September 1st to October 6th I was unemployed. I left RSA on Oct 7 to come work in Saudi Arabia. Therefore I was unemployed for 50 days and out of SA for 166 days consecutively. I will only be able to come home for 3 weeks between mid September and mid October. I do send about R35,000.00 per month home to pay bills and the bon...

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What will tax on a bonus of R10 000 be?

Posted 4 February 2014

What is the tax on a bonus of r 10000.00

Do I have to pay tax if I sell through ebay,Godaddy and Sedo.com?

Posted 2 February 2014

I am University student. Now I want to sell domain names through ebay.,Godaddy and Sedo.com as an individual. My question is, do I have to pay tax,if so how am going to register? Please give any information I need to know.

How much income tax do I pay on R7 000?

Posted 1 February 2014

How much PAYE do you pay if your salary is R7000 per month?

SA resident working for a UK company earning a UK salary

Posted 31 January 2014

I currently live and work in the UK and will be relocating to SA later this year.
I will continue to work remotely from SA for the same UK company who's sole business is carried out in the UK. They will continue to pay me a UK salary into my UK bank account and it will be taxed in the UK as usual. I intend to transfer that money to my SA bank account on a monthly basis.
Do I need to declare any of this to SARS considering it has all already been taxed?

SA non-resident with rental property in SA what are the tax implications?

Posted 31 January 2014

I used to live and work in SA but then moved to the UK 8 years ago. Since then I have and still am working full time in the UK for a UK employer paying UK PAYE and now have UK citizenship.

For the last 4 years I have been sending money back to my SA bank account and used that money to purchase a rental property in SA.

As an example using dummy numbers for simplicity:
Purchase price: R100k
Deposit: R50k
Bond: R50k

Rental Income: R20k p.a....

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Am I a tax resident if I own property in south Africa even after having left in 2006?

Posted 31 January 2014

I left South Africa in 2006 to work overseas and visited the SARS prior to leaving the country. I was told I do not need to do anything further regarding tax. I returned for a holiday in 2008 and also bought a property in 2008. I was also told that any earnings I transfer to my South African bank account will only be taxed if I earn interest of 100 000 rand per year. I want to know if I own property am a tax resident? do I need to pay tax?
the property I purchased is not rented.

When is the due date for ITR12 and ITR14?

Posted 30 January 2014

When is the due date for ITR12 and ITR14?

Primary rebate automatically deducted for freelancers?

Posted 30 January 2014

I am a freelancer. If I eFile my return is the primary rebate automatically deducted from my income before the tax amount is calculated. Or do I have to deduct it myself?

Second provisional tax calculation and supporting documents required?

Posted 30 January 2014

How do we calculate second provisional tax and what documents are required?

Contract worker for two months - tax & UIF deductible?

Posted 29 January 2014

I'm currently employed on a two month contract, should tax be deducted or not?

Can PAYE tax be taken off my salary if I earn less than R54 000 for the year?

Posted 28 January 2014

I have a 6 month internship and am being paid R9000 per month. For my first salary I only received R6918. As my contract is only for 6 months and its R54 000 for the year can I be charged PAYE as its less than the required yearly salary to be eligible to pay tax? If I have to pay PAYE, can I claim this money back and how soon?

Can input VAT be claimed on assets used for staff entertainment?

Posted 28 January 2014

If a business buys assets for staff entertainment : like coffee machines, pool table for the canteen, any furniture that can be used by the staff for staff entertainment. Can you claim input VAT?

WEAR-AND-TEAR OR DEPRECIATION ALLOWANCE of INCOME TAX ACT NO. 58 OF 1962?

Posted 28 January 2014

WEAR-AND-TEAR OR DEPRECIATION ALLOWANCE of INCOME TAX ACT NO. 58 OF 1962
is it still valid - can I use this list of depreciation in 2014 or has there been changes made?

Is "Basic employment cost" the same as "Gross salary"?

Posted 28 January 2014

What is basic employment cost and is it synonymous with gross salary?

Business expense refund?

Posted 27 January 2014

I have my own private practice. What percentage of my business expenses occurred throughout the year can I expect to get back?

How much tax would be deducted on a R12,500 monthly salary?

Posted 25 January 2014

How much tax would be deducted on a R12,500 monthly salary?

How much is taxed from a salary of R15 000 per month

Posted 24 January 2014

I haven't started working but I will be earning R15 000 per month I just wanted to know how much I will be taxed.

I got IRP5 certificate but it has no tax number, does that mean I'm not registered with SARS?

Posted 24 January 2014

I got IRP5 certificate but it has no Income tax number, does that mean I'm not registered with SARS?

Voluntary tax application?

Posted 24 January 2014

I started a company in November 2013. My turnover is near R20000 now - can I voluntary apply for VAT?

Is my overseas earning exempt from tax?

Posted 23 January 2014

I was working in USA from October 2012 to May 2013 (without coming back home)
I paid Fed and State tax in USA over the period.
So for the 2013/2014 individual tax year.
I was out the country for more than 60 days in one go but not more than 183 in this particular tax year.
Questions are:
1. Are my earnings overseas exempt? or if not
2. Will I include the earnings and get a taxable deduction for foreign taxes paid?

How will proceeds of shares sold to protect capital from an unstable market be taxed?

Posted 23 January 2014

Over a period of several years I was given about 25000 of my company's shares as performance awards and options. Usually I had to wait 3 years before I could take delivery of them but when I retired in 2012 the last of them became available to me immediately and I took delivery by the end of May 2012, planning to keep them indefinitely for their dividend income. In December 2012 I was worried about the US fiscal cliff situation and decided to sell them and have since kept the proceeds in a Money...

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eFiling ITR14?

Posted 22 January 2014

How do I know the answer to the following question on e-filing.

Is the company resident in South Africa for tax purposes?

Basic salary Comm earned, how am I taxed?

Posted 20 January 2014

I am earning R4000 basic commission which could bump my salary over R6000 per month. Am I then taxed for the full amount or would I only be taxed on my commission earned?
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