Does married in commuity of property mean a partnership?

Posted 7 February 2017

We are married in community of property does this mean this is a partnership for CGT purposes?

Tax on rental income while being a student

Posted 7 February 2017

I am a student earning rental income on my deceased parents property, am I supposed to declare this income to SARS and pay tax on it? The amount I earn is just over R25000 after deductions per month.

Legislation affecting foreign pensions

Posted 6 February 2017

Good Day, this is my 2nd question in as many months. Hope I am not overdoing it but this item will be of interest to many and any suggestions you may have will be greatly appreciated by myself. I am 80 years of age and have been retired for 20 years. A significant portion of my pension has been tax free for 20 years as the result of it having been earned whilst I worked outside of RSA. Yesterday (2. 2. 17) my pension administrators advised me that as from 1. 3. 17 the tax free portion will be ta...

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Do I declare my CGT on the IRP6?

Posted 6 February 2017

My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but:
1. Do I still need to declare the capital gain?
2. If so, do I declare 50% of it because I own half of the property?
3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.

Divide pension between spouses

Posted 3 February 2017

I am married in community of property and my wife and I are both individual provisional tax payers. I have been retired for 20 years. Can i divide my pension income between myself and my wife's income on our IRP6s?

When do I declare interest income?

Posted 3 February 2017

I earn interest on my medical aid savings, do I declare it to SARS the day I leave the medical aid or at the end of the year I earned it?

Rental Income Tax for Foreign Non Residents

Posted 3 February 2017

Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after expenses. It has lately come to my attention that I may need to pay tax on this. How do I get started? I rarely visit South Africa.

Resignation and taxes

Posted 3 February 2017

I have 30 years service at my current employer and my pension lump sum is R1820000. Id like to know what my taxes will be if I resign? are my 30 years taken into account and lastly. I must still pay my mortgage. Can this be done tax free?

How does one handle forex trading losses?

Posted 30 January 2017

Naturally when extra income is generated, fair enough, tax must be paid. I have seen you address the Forex trading profit questions from taxpayers but no case of forex trading losses. How does one address Forex trading losses in a personal tax return?

How much capital gains tax for non resident

Posted 30 January 2017

I am a non-resident and would like to find out how much capital gains I would have to pay if I sell my house

Commission tax?

Posted 30 January 2017

If I earn commission, can I claim back personal expenses too such as rental of my flat even if I dont work from home?

Business Relations

Posted 25 January 2017

If I am in business with a foreign company, do I have to pay tax in South Africa and abroad?

How can I get proof of residence?

Posted 24 January 2017

I went to SARS to register for a tax number. I was told that I need to bring in a certified copy of my ID, proof of my address, proof of my income and banking details. I am unable to take a proof of address as I dont own the house I stay in.

Change of details after been audited

Posted 23 January 2017

I have submitted my return and my medical aid which I pay for my wife and child was disallowed. After carefully looking into the notes I found that I had incorrectly stated on my IRP that I am married out of community of property instead of in community of property. Please can you advise me on how to change this as I have already been audited and I cannot request a correction?

Can I claim for all 3 vehicles I used on my tax return?

Posted 20 January 2017

I've changed cars during the tax year, how should I handle my travel allowance calculations and log book?
1) How would I should I go about maintain my log book? should I keep a different one for each vehicle. 2) I have also leased a vehicle whilst waiting for my new vehicle, how should this be recorded?
3) How should I cater for my new Vehicle in my tax return if the new vehicle cost is greater than my old vehicle?

How is income taxed on a shared property?

Posted 17 January 2017

My wife and I have a property registered in both of our names that we would like to rent out. Will this income be taxed in both of our names (i. E. 50% to each of us) even if the actual income is only deposited into my bank account?

Do I become a provisional tax payer once I am permanently employed?

Posted 17 January 2017

I recently accepted an offer to be permanently employed at the same company I was contracting at initially, do I now became a provisional tax payer as I paid employees tax before?

Does SARS allow anyone to claim medical deductions?

Posted 30 November 2016

My wife and I are married out of community of property and we are both normal salary earners. My wife is the primary medical aid member and pays the premiums from her account. She claims all our medical expenses with her tax return and usually get a significant amount back. Would it make sense to split the medical costs in half and each claim that on our tax returns? Or if one of us earns more than the other, who should be making the claims/be main member (especially if one of us falls marginall...

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Can I adjust my ITR12 once it has been submitted?

Posted 28 November 2016

I have submitted and received a refund for filing my ITR12 (due by end of Nov 2016). I have been made aware that I could have claimed back on a loss on a property (rental not covering the bond) and wondered if there was a way I could adjust and resubmit this form?

Can I claim the interest I paid on the bond for both my properties?

Posted 25 November 2016

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...

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Are expenses on my primary residence for improvement and renovation tax deductible?

Posted 23 November 2016

Are expenses on my primary residence for improvement and renovation tax deductible?

Property insurance on holiday rental property, can I claim it back from SARS?

Posted 20 November 2016

Does insurance include building and content if it is a holiday home?

When do I declare and deduct maintenance and upgrade to my rental property to SARS?

Posted 14 November 2016

How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?

Is proceeds from a trust taxable in the hands of the trustee?

Posted 9 November 2016

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?

Am I due to pay CGT on my rental income?

Posted 7 November 2016

If my rental income are paid directly into my bond account, do I have to pay Capital Gains Tax on it?
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