Capital gains tax on share portfolio?

Posted 16 January 2014

I have a stock market share portfolio. I have received a summary of capital gain for the 2013 tax year. Do I declare this gain even though the gain is still in my portfolio & not in my pocket? The amount is not shown on the IT3b as is the interest & dividends.

International Tax and Tax Treaties

Posted 15 January 2014

Dear Tax Tim

I earn international income as an individual (not a registered company ) on a monthly basis, what type tax will I be liable for in South Africa? Will I have to pay standard income tax in South Africa?

I earn this whilst in South Africa and not abroad as a monthly commission payout. How does tax treaties apply to foreign income or will this not be applicable to individuals?

Foreign student earning salary and noticed 25% PAYU deduction??

Posted 8 January 2014

I am a Dutch student doing research work twice a week with a local university, I am legally allowed to work and earn a salary with the university.
I however received my first payslip and notice PAYE deduction of 25%, will this money be lost or can I claim it back when I go back to Holland??

Hope to hear from you

Thx

Resident abroad aiming to cash out shares/ unit trusts, do I need to register with SARS ?

Posted 30 December 2013

I am a dual citizen (SA & European). I am currently living abroad on my European passport and never formally emigrated from SA. As a result I still hold a bank account there, as well as unit trusts & shares. I left SA shortly after studying so never had a job there/ paid income tax/ registered with SARS. Although I still visit the country on occasion, I am no longer a resident there. I would like to consolidate all my SA assets (have it all in one place) so I would like to "cash out...

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Confused about a tax audit?

Posted 26 December 2013

Hi Tim

I made a mistake on my tax return and included my employer contribution plus my own contribution to the company pension as well as my RA contribution under the RA section of the ITR12 as I was confused by the note that came up on screen saying the amount should also include the pension amounts appearing on the IRP5. I was uncertain but erred by putting down the full pension and RA contribution amounts.

However, I think this flagged me for an audit (never happened bef...

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Will I be taxed on gifts from my son in a foreign country?

Posted 22 December 2013

My son wants to give me 3 000 US dollars a month for the next 6 months as a gift. I am a house wife married with anti-nuptial contract. I don't earn anything and am not registered with SARS. If I receive this gift from my son will I be taxed on it?

Tax on Sale of Personal Website?

Posted 22 December 2013

I own a website that I started as a Hobby (showcasing information about various sports teams and tournaments). The novelty has since worn off and I now want to sell the website. I have never earned or attempted to earn revenue from the website. Would I have to pay tax on the sale price? If so, what type of tax would I have to pay? (I am currently below the age of 65 and unemployed).

The website was given to me as a gift quite a number of years ago. I have since purchased domain names ...

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Where do I find link to 'Directives' on home page of website?

Posted 17 December 2013

Where do I find link to 'Directives' on home page of website?
'Services' does not include a sub heading 'Directives'.

South African citizen worked at Antarctica but get paid in South Africa, can he be exempted from tax

Posted 10 December 2013

South African citizen worked at Antarctica but get paid in South Africa, can he be exempted from tax?

Under which SARS code do I file foreign income?

Posted 8 December 2013

I draw a monthly salary, but I have also done some after hours IT work (written software) for an overseas company. Under which SARS code do I file this foreign income?

Is UK State Pension taxable in South Africa?

Posted 5 December 2013

I am receiving a monthly UK State Pension which is paid into a South African bank in Rands.
Do I have to pay South African income tax on it?

How to bring savings from abroad back to SA in tax efficient manner?

Posted 3 December 2013

I worked in the UK for a few years and contributed to a pension fund. I'd like to know what the most tax efficient way is of bringing the money to SA. Also, would there be any tax to be paid in the UK? If so how can that be reduced as well?

What qualifies an SA citizen to be tax exempt in any country

Posted 3 December 2013

I'd like to set up a company offshore for the tax benefits. The company operations will take place in Ivory coast, Tanzania and Namibia. How can the employees of the company (mostly South Africans) be tax exempt because they will spend the entire period working outside the country - this will serve as an incentive to work outside of South Africa.

PART TIME WORK - how do I disclose on my ITR12 Income Tax Return?

Posted 3 December 2013

I am retired and drawing a pension. I also do a bit of accounting work for a small engineering company and for that receive /- R3000 per month. The company is disclosing this as consulting fees in their accounts ie they are not providing me with an IRP5. My questions are (1) Do I disclose this information under the LBTP and ODED sections of my ITR12 and (2) do I have to complete the SOAL section of the return?

Tax Exemption for offshore divers?

Posted 27 November 2013

Please could you tell me more about this tax exemption for offshore divers and where can I Find this legislation on SARS website.

Provisional tax payer - penatly?

Posted 27 November 2013

I submitted my tax return and was informed by SARS that I should be a provisional tax payer. Because I didn't register, SARS wants to fine me over R400,000.
What is the possibility of having that fine rescinded - I had not been informed by my previous tax consultant of my obligation to register as a provisional tax payer, and now I am being fined for it?

What is the source code for share trading income (ie not capital gains)?

Posted 25 November 2013

In addition to my salary, I actively trade shares and cfds (a kind of derivative) and there is no doubt, in my case, that this activity is on revenue account and not capital. What source code should I use? I can not find an appropriate code in the SARS source code booklet.

Which is the simplest way for me to submit my tax returns?

Posted 23 November 2013

I have a small business. My monthly sale is approx 70000 to 80000 Rands and I am running my business as a sole proprietor. I am presently unable to afford a book-keeper. Which is the simplest way for me to submit my tax returns.

At what age do I stop completing tax forms?

Posted 23 November 2013

I am an 84 year old widow. My late husbands investment and pension fund gives a income of R 67500.00 per year. Income from my investments give an income of R22 000.00 per year. I was de-registered about 10 years ago because I had no personal income. Will I have to register for 2013/2014 tax year.

Taxation as a non-resident - possibility of double taxation on income earned in a foreign country

Posted 21 November 2013

Dear TaxTimI worked 3 months (March - May 2012) of the 2013 financial year in South Africa (for which I have the IRP5, included in my efiling ITR12), the total amount earned was R24,850. Since then, from June 2012 to present, I have been employed on a full time basis and continuously present in Chile (the period exceeds the number of days required to qualify me as non-resident for tax purposes in SA - 183 days) - for all of the 2013 tax period, I have not paid tax on this income in Chile, due to...

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Can I add my earnings from an employer on eFiling if they don't issue an IT3(a)?

Posted 21 November 2013

I am a freelance designer and I submit my return via eFiling. All my clients barring one have uploaded an IT3(a) for me. They say they don't issue tax certificates to non permanent employees. Can I add them on eFiling if I don't have a tax certificate from them as I don't have all the required details to fill out?

How will my tax work when I work in SA for a foreign based company?

Posted 20 November 2013

I will be working for a UK based company from my home in SA. It is a very small business my sister has opened. I will be receiving foreign currency in either dollars or euros. I will earn a monthly salary. Will I pay normal tax? Will I pay tax in UK before I get my salary? How will this work for me? How will I get an IRP5? I wont be getting R250k per year but I am already a registered tax payer with the company I currently work for. I registered and submit returns every year even though I dont ...

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Is it possible to for an employer to use an incorrect income tax reference number?

Posted 19 November 2013

I worked for a company from January 2012 - Aug 2013. About a week ago I contacted them to inquire about my provident fund (I am still waiting for my provident fund to be paid out into my account). They asked for my tax reference number, Apparently the incorrect tax reference number was given to the Financial service / investment company. I found an old IRP5 from a previous employer in 2006 as well as 2010 to confirm my tax reference number with them, but no one gave me any feedback as to what i...

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Who is responsible for tax for spousal maintenance when separated?

Posted 19 November 2013

Am I responsible for paying tax on spousal maintenance received while separated? I am a South African citizen, live in South Africa and receive monthly payments from my husband who is of foreign nationality, lives abroad and pays money into my bank account that is also located abroad. I do not work and he has a job, receives a salary and pays tax in his country (though think he deducts his payments to me from his tax returns). When we separated we agreed to an amount he would provide on a month...

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Are proceeds from a pension fund transferred to another fund considered non-taxable income?

Posted 18 November 2013

I changed employers, shortly before the beginning of the current tax year. At the time I transferred my pension/provident contributions across to another investment future fund (as you are allowed to do legally) without benefiting or receiving any physical proceeds. I have subsequently received an IT3(a) from the previous pension fund for the lump sum amount which has been recorded on my current pending tax return. I would assume that this is considered as non-taxable income ?
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