Running office from home? - can I claim for tax purposes?

  Written by Marc   Posted 25 June 2014

I am permanently employed and run my office from home , the company pays a portion of the rental and I pay the balance, this is not reflected on my payslip though, they merely deduct my portion of the rent from my salary and pay the full amount to the estate agents. The deduction is under "other" on my payslip, my question is will I be able to claim any amounts back for electricity , security etc etc ?

Outstanding tax returns deceased 87 year old.

  Written by Marc   Posted 21 June 2014

My 87 year old father passed away in Feb 2014. The executor of the estate told me that they can't finalize estate because he hasn't submitted tax returns since 2010. All documents I have is his bank statements. He was a retired farmer and did not receive a pension. What should I do?

UK rental income while resident in SA

  Written by Marc   Posted 10 June 2014

I live in SA and have a property in the UK that I rent out. Do I pay tax on the rental income in the UK or in SA? I know I have to declare my worldwide income but just wondering in terms of the Double Tax treaty - in which country do I physically pay the tax?

Do I pay tax on interest in RSA when living and working abroad?

  Written by Marc   Posted 6 June 2014

I am a South African but I have been living and working in Thailand for almost 4 years, and thus pay no tax in SA. I only visit SA for about 20 days a year.

I recently married an Australian and we want to open a fixed-deposit account in SA to make use of favourable interest rates.

If we both continue to live and work in Thailand, do we need to pay tax on the interest earned on that account? It will be about R100 000 per year.

Are investment funds still taxed at marginal rates for early retirees?

  Written by Marc   Posted 2 June 2014

If I retire before the age of 65, using only investment income from interest earned on funds saved in the bank, would I still pay tax at the existing marginal rates? Or, would I qualify for a lower tax rate?

Married in community of property: Do I need my own tax number?

  Written by Marc   Posted 27 May 2014

I'm married in community of property. Do I need my own tax reference number or can I file my return jointly with my spouse under his tax reference number?

Office space in a bond free home?

  Written by Marc   Posted 26 May 2014

I work from home in an office entirely devoted to work. Our bond is fully paid up. How do I claim deductions for this space if I am not paying off a bond?

Retired 6yrs ago at 58, receive rental income of R90,000pa. Do I submit return? Am I in arrears?

  Written by Marc   Posted 4 May 2014

I am now 61 years old and retired Feb 2008. Up until then all taxes were up to date. Since then I moved and receive R90,000 pa rental income from my fixed property. I wish to establish if I am liable for any taxes on this rental income and if I must re register as a provisional tax payer in the light that I have never received any notices from SARS since retirement.

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

  Written by Marc   Posted 29 April 2014

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

Is R199 a standard fee for all scenarious

  Written by Marc   Posted 17 April 2014

Are the costs R199 even if I have a property and receive a car allowance? Is it a standard fee?My husband and I are looking at changing tax practioners

Do we pay higher tax rates?

  Written by Marc   Posted 14 April 2014

Do my wife and I pay more taxes when married?

Tax implication on initially tax exempt foreign earnings?

  Written by Marc   Posted 7 April 2014

Hi Tim, reading through your blog I am quite confident that my foreign earnings will be tax exempt...thank you! I start a working contract as a salaried worker in Saudi Arabia this September. I am thinking of transferring the bulk of the money into my South African cheque account on a monthly basis and maybe from there into a market linked account.

My question relates to tax implication at this point. Do I pay SA tax on just the interest earned thereafter? Does the capital get taxed in subsequent tax years? ...

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Is SDL calculated on monthly salary of R2500 p/m?

  Written by Marc   Posted 7 April 2014

Does an employee pay Skill development Levy on a salary of R2500 per month for the tax year 2015?

How to treat foreign income

  Written by Marc   Posted 5 April 2014

I am a SA citizen and live outside SA with my family(since 1998). I have bank accounts and property investments in SA, and I still fill tax return every year. My salary income is all foreign though. I visit SA almost every year for a period of 4-6 weeks for vacation); sometimes another 2 weeks over Christmas. I also own foreign property.Questions:1. Should I declare my foreign income?2. Should I declare my foreign property in any way, purchase, rental income, sale?

Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

  Written by Marc   Posted 4 April 2014

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

Property Transfer Duty for Trusts

  Written by Marc   Posted 31 March 2014

If a trust is buying a residential property does it pay the same transfer duty as individuals? Further, if the trust was registered for VAT would that change the answer to the previous question in any way?

What is the tax on distributions from REITS?

  Written by Marc   Posted 31 March 2014

Is 15% holding tax deducted from the dividends distributed to a local investor from a Property REIT or not?

"Temporary expat" liable for South African tax?

  Written by Marc   Posted 25 March 2014

I left South Africa in Feb 2013. I started a limited company in the UK in April 2013. Myself and my wife are shareholders of the limited company, we're paid a salary and declare dividends.We're now moving to Germany, I have 2 homes in South Africa... one of which is currently under offer. The other is occupied by a caretaker.I understand that I need to submit a "nil tax return" this year and for any other years that I'm out of the country, but am I liable for any taxatio...

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Can I pay tax in advance (est) without complicated forms.Then do forms annually and pay difference

  Written by Marc   Posted 24 March 2014

I always need to pay money to tax at the end of the year. I know it is about R 12,000. Or R1000 pm. Why can I not pay in say R1000 pm Estimate without filling in complicated forms, then fill in complicated forms once a year. I.e. pay in what I think monthly. i.e. accumulate tax credits via payments ahead of the final annual analysis.. i.e. just pay initially when I can afford, and pay in the difference after completing complicated forms at financial year end.

Does devaluation of the rand cause a tax liability?

  Written by Marc   Posted 19 March 2014

If my overseas holdings increase in value solely due to devaluation of the rand, is such an increase taxable?

Do I need t pay the non-compliance penalty fee with SARS?

  Written by Marc   Posted 18 March 2014

I registered with SARS in 2010 and have been filing ever since. I recently received a non compliance penalty fee for 2008 and 2009. It's only R500 (R250 for each year) Do I have to pay this if I wasn't even registered in those years and did not receive IRP5's from my employer then either?
I managed to get the IRP5's and I filed them last week but still am being told I need to pay the penalty fee.
If I am going to dispute it, will I be charged interest or more penalties whilst it is busy being disputed?...

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What sort of tax should I register for as an independent IT contractor?

  Written by Marc   Posted 14 March 2014

I'm an independent IT contractor working from home. I work for different clients at the same time. Some pay a fixed fee.

What sort of tax should I register for taking into consideration that I use my house, electricity, internet, etc?

Can we combine our three taxpayers, i.e. my own, my wife and our family trust?

  Written by Marc   Posted 13 March 2014

I am a Sassa pensioner and also a property valuer working for my own account from time to time for agreed upon fees. My wife, to which I am married out of comm. of property, helps me with the travelling by driving me around in her vehicles. We pay for the fuel and services from my bank account as well as from hers and she pays for the insurance. Our accommodation and food on the road is a big expenditure. At home, which is owned by our children, we uses an office and pay rent for it. We also hav...

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Can I declare extra income at the end of the year, or must I register for provisional tax now?

  Written by Marc   Posted 10 March 2014

If I did some freelance work in 2013 / 2014 tax year, will I pay a penalty if I only declare my extra income when I do my regular return?

What are the legal consequences for sole proprietor not registered as taxpayer?

  Written by Marc   Posted 8 March 2014

Legal consequence for sole proprietor not registered as taxpayer
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