Gift/ Living inheritance - tax consequences?
Posted 21 April 2015
Hi. I am purchasing a property for R1m. I have obtained a loan from the bank for R800K, and my dad will be giving me R200K to pay the difference of the purchase price. Please advise what tax implications there are on this-
it is a living inheritance, payable to him only IF and WHEN he requires it. Or basically I dont have to pay him back. Thanks.
I would like to find out the total interest included in my taxable income?
Posted 6 April 2015
Hi, Please can you tell me if I am beneficiary of a trust under 65 years and my only income is local interest of 21500 and foreign interest of 2750 received from the trust how much will be the total interest included in my taxable income
What is the non-taxable amount in respect of interest received in 2015/2016?
Posted 6 April 2015
What is the non-taxable amount in respect of interest received in 2015/2016?
Can you be issued an IT3B without having any investment products of any kind?
Posted 6 April 2015
Can you be issued an IT3B without having any investment products of any kind?
Informing SARS of Inheritance or donations received from overseas?
Posted 6 April 2015
I am a SA tax resident. What is the process regarding informing SARS if I receive inheritance or a donation from an offshore relative into my offshore account? Also do I need to pay any tax other than CGT going forward?
Do not have to submit my tax return as I thought I was below the bracket for 2010, 2011 and 2012 to
Posted 7 March 2015
Got a penalty for not submitting for 2010, 2011 and 2012. Taxable pay over threshold and did not submit. Believed it was under the "do not have to submit bracket" but do not know what it were for those year. Will submit now for all years and even my spouse will submit his 0 income. Please can you supply us with the "do not have to submit bracket" of those years. Want to challenge the penalties. Thank You
Wear & Tear: what % can I claim on my computer/mobile/garmin/camera, etc, which I use in my work?
Posted 6 March 2015
I would like to know what percentage I can claim for wear & tear on tools of my trade, per year? I am an environmental consultant and need to take not only my pc and mobile into the field but also binoculars, camera, anemometer, garmin gps, etc. . .
Deferred payments with SARS?
Posted 4 March 2015
Can SARS impose the 10% late payment penalty when the taxpayer has requested a deferred payments arrangement? This would be in relation to provisional tax period 2015/02.
Non resident tax payer
Posted 1 March 2015
I am a non resident South African - I have been living outside of the country continuously for approximately 3 years. My only source of income in South Africa is a rental property that I own. I still pay a bond on that property. I have therefore tried to complete my return by noting the above. Is there any other procedures that I should follow as a non resident, in terms of making SARS aware that I am residing outside the country at present?
Provisional Tax Deadline was Missed, couldn't get IRP6 registration in time.
Posted 27 February 2015
I'm sort of new to provisional tax (couple of recent months) and I was aware that I need to be submit a return by end of February. The one thing I didn't know is that I need to register for (IRP6) before I can submit one. Always saw it online on eFiling and figured it would work as normal (Income Tax section) and never tested the "functionality" so I did ask for a request to register but as it turns out I didn't get it in time. . . So I was wondering what options do I have? Can I get an extensio...
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Do I qualify for a tax refund?
Posted 25 February 2015
I find your blog interesting and helpful and I believe you can help clear out the confusion that I have. I started working from 1 May 2014 as a temporary employee until 30 September 2014 and I earned R5000 a month during that time. I was made a permanent employee as of 1 October 2014 and I started earning R10000 a month. I am currently registering as a tax payer with SARS and I wonder if I will qualify for a refund from SARS or not?
Penalty fee for late payment of tax?
Posted 24 February 2015
Please explain what charges are laid against someone for paying tax late?
Important tax enquiry?
Posted 23 February 2015
I bought land and built a rental house. I have upfront fees which appear on the pro Forma account of the transferring lawyers. Such expenses are :
Registration fee. 6 months Municipal Rates upfront. Rates clearance certificate fee. Transfer duty. Deeds office registration fee. FICA verification. Lodging agents fee and postage. Sundry expenses (phone calls, postage, file storage fee, printing, photocopying, emails and faxes). Fee for consent to transfer from HOA. Paid management for HOA consent and levy figures...
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Beneficiary of R80 000 from a will
Posted 18 February 2015
If I received R80 000 from a deceased's will how much tax do I pay on that amount
How long, if you dont have a tax number, do u have before you need if u have recently been employed?
Posted 17 February 2015
Lets say someone just recently started working, and wont be able to get their tax number before pay day. Is there an allowance or period that that person allowed to get my tax number without any penalties?
Can we deduct loan payments ans taxi fare expenses?
Posted 16 February 2015
Hi TimI would like to know if a private company can deduct a loan repayment which was utilized in the production of income, the proceeds received and receivable, of which have been included in gross income. Furthermore, can the company also deduct other miscellaneous expenses such as taxi fare and so on. Thank you.
Homeloan interest payments or the whole repayment
Posted 8 February 2015
SARS have asked me to take a look at my 2014 return and to correct any "errors" that I find. I receive property rental income. I have a bond on that property. Should I list the interest portion of my bond repayments under "interest" and am I able to claim the balance of the repayments under other? I seem to have entered those figures incorrectly, which may be what is bothering SARS.
Why do I pay high tax on a little salary?
Posted 6 February 2015
I'm an educator who earns about 20k gross salary and I'm also earning my late husbands annuity income of 10k pm, but whenever I go to SARS to submit my returns it turns out that I owe them a lot of money because in 2013 I paid 28k and now they want 31k so I need help as I dont understand how it gets to that high amount every year.
Tax on interest income?
Posted 6 February 2015
What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?
Tax penalty on fund payout?
Posted 4 February 2015
I'm currently waiting for my provident fund money payout, but i'm owing SARS 20 thousand rand, so are they gonna take their money from provident or they will wait for me to pay it?
Where to put interest earned on income tax return
Posted 2 February 2015
Where do I complete interest earned on my return?
How to calc and when to pay CGT on a once off payment?
Posted 28 January 2015
received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:...
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What declaration must a partner in an investment partnership include within his/her tax returns?
Posted 25 January 2015
A number of individuals contribute monthly towards a partnership whose sole business is investing in the stock market. This results in capital gains and interest being earned on an annual basis. The administrator of the partnership issues an annual statement which reflects the % holding, interest and capital gains/losses which were derived during the relevant tax period. This annual statement is issued by the administrator for purpose of the individual partner's tax declaration in respect of the...
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Is a loan to an employee a S11a deduction?
Posted 24 January 2015
If a company borrows e. G R5000 to an employee, with no interest, Is it a S11 (a) deduction? where do I work it in, in the taxable income of a company?
What must I submit to SARS by the end of January 2015?
Posted 19 January 2015
After submitting my normal Income tax return for 2013-2014 around August last year I was advised by SARS that I was a provisional taxpayer and should submit a return by August 2014. As this deadline had passed I was advised by a SARS consultant to submit the second return by February this year 2015. I see from your reminder that Provisional tax returns is required to be submitted by the end of January 2015 for the 2013/2014 tax year. As I was not advised that I was a Provisional tax payer at tha...
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