Where to put things on tax return

Posted 16 November 2015

I worked for a company for two months last year and then worked for myself and invoiced out work. This means I have a IRP for the 2 months and then have to declare my income and expenditure on the balance of the year. When I populate the form I say yes to other income (trade). Where do I declare my expenses - such as computer, printing stationery, vehicle, medical, telephone, bank charges?

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

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?

Tax on Dividends received by Share Holder

Posted 15 November 2015

I have a EME Company registered for turnover tax. The profit is under R200 000, thus exempt from Dividend Tax. When I pay dividends to one of the two 50/50 share holders, must that share holder pay any tax on the dividends received, and can I pay all dividends to only one share holder?

Does a foreigner with a 5 year contract to work in SA need to file a tax return?

Posted 14 November 2015

If a taxpayer from Germany has a 5 year contract to work in South Africa for a South African employer (of an international company), would that taxpayer need to file a tax return? The employer registered the taxpayer for income tax and is deducting PAYE on a monthly basis. The taxpayer earns more than the threshold and will be tax returning to Germany after the contract.

Foreign service income exemption

Posted 13 November 2015

I was hoping to pick your big tax brain before I submit my tax return and cause chaos at SARS.... I qualify for S10(1)(o) in terms of foreign services rendered as I meet the requirements in this regard. My dilemma is I don't know which part of my income I can use to claim the applicable portion of this exemption i.e. Income (3601); Annual payment (3605) etc. To further complicate the situation I had share options exercised in the same tax year!

Would you mind confirming which source codes I can use in the claim?...

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What should I take into account as "Financial Instruments listed"

Posted 13 November 2015

I am a director of a private company. On my ITR12, I am required to complete the SOLALA01 section but I am not sure what should be listed under "Financial Instruments Listed"

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

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

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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Am i tax exempt, I have been out of the country for awhile.

Posted 9 November 2015

Hi, I worked 190 days out of the country in aggregate during the 12 months period and I was also
continuous for more than 60days in the 2014 tax year. In the 2015 tax year I was less than 183 days and less than 60days continuous, do I still qualify for my income to be exempt.

2013 tax return

Posted 9 November 2015

I have submitted my 2015 tax return and they won't pay me until I have done my 2013 tax return. I worked at a different company in 2013 and never received an IRP5 from them. I contacted them to get my IRP5 from 2013 and they can't give it to me. What do I do now?

Are anointed church materials sold in church subject to tax exemption

Posted 9 November 2015

Are anointed church materials (e. G anointed oil, wrist bands, t-shirts) sold in church premises subject to tax exemption under SARS Act. If so, what is the relevant law governing such exemption and procedure of securing such exemption

If working Oversees do I still pay tax to SARS

Posted 9 November 2015

I'm about to be employed in the World Bank, US based in Washington DC. Being a South African Citizen do I still need to pay tax to SARS for the salary I get over there even though I will reside that side with a work visa. World Bank is known a tax free organisation in US not sure about SARS policy on it.

Do we get 100% lump sum

Posted 8 November 2015

I would like to know if guys pays the all lump sum fairly or u keep some percentage for next payouts or investment

Tax for working abroad

Posted 6 November 2015

Hi Tim,
Is there a change to the tax exemption for offshore personal that are out the country for more than 183 days a year and have atleast one work trip longer than 60 consecutive days? Some rumors are flying around that these people will soon be taxed at rates of up to 45%.

Capital gains tax exemption

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?

Donations and Tax

Posted 5 November 2015

I would like to understand how donations / gifts work. I have read a few things but want to make sure I have it right. Lets say a friend of mine is in need and I donate / gift her R120k in a year. Do I pay tax on that? Does she? Does it form part of taxable income etc?

Is a UK property sale liable for SA CGT

Posted 5 November 2015

I've recently sold a property in the United Kingdom, and transferred the proceeds thereof over to South Africa. I'm a South African citizen, registered with SARS. Am I liable to pay capital gains tax here in SA?

Do fully vested trusts have to submit provisional tax returns?

Posted 5 November 2015

A trust is registered as a provisional taxpayer. All the income in the trust vests fully in the beneficiaries meaning that no income is retained in the trust. Will the trust still have to submit provisional tax returns even though it will always be nil?

Tax Certifcates

Posted 4 November 2015

Hi - what happens is I cannot find my tax cerficates

Where do I declare the bond amount on rental income?

Posted 4 November 2015

I'm stuck in the section where I declare the rental income for a house I was renting out. I don't see where I put total I spent on the bond to justify that it was a loss against the rental income and the expenses incurred. Where do I do that?

Tax on foreign money

Posted 3 November 2015

If a SA resident invested money overseas and want to bring some of that now back to SA to live off as he is retiring, what will the tax implications be?

Tax on pension at 53 years old.

Posted 3 November 2015

I am 53 years old. I will be resigning at the end of January, and I will still be 53 years old. My pension is 1. 1 million rand. What will I clear after tax, as I want to take it out and not re invest.

Where does the IT/IB 3(c) &(b) forms go on tax return?

Posted 3 November 2015

I have 2 satrix investment plans, how and where do I input the IT3(c) and IT3(B) Income Tax forms received from Satrix?

Retirement annuity contribution from previous year

Posted 3 November 2015

I paid a lump sum into a retirement annuity investment in Feb 2014. I forgot to include any of it on my Feb 2014 tax return. There are no further contributions at this point. Q1: must I include the value of the annuity in my statement of assets and liabilities (I have rental income so I am completing that section); if so, under which heading does it fall? investments?
Q2: I saw something about carrying over R1800 in RA contributions to the next year. Is this correct? Do you put this under ...

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SARS wants me to submut income tax documents from 1991 to 2003. I dont have these. What can I do?

Posted 2 November 2015

I filed my tax return on Friday 30 October 2015 and SARS said they are now using a new system and said the they need me to file tax returns from 1991-2003. I can not get these IRP's or medical certificates. What must I do? When I went to file my tax return in 2013 they asked me to get the documents from 2006-2013 and file for each year. I got that documents and filed and paid a R500. 00 penalty. They did not ask for anything else and said I was up to date. This year they ask for 1991-2003. Pleas...

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