Property tax deductions and CGT implications?

Posted 17 November 2013

If Property A was purchased in 2000 and used as primary residence up until 2012, then rented out for a year (due to work relocation to another province) and property then sold with a capital gain?

If property A above was re-bonded[currently settled], can the bond interest be deducted against its rental income or will bond finance interest on a 2nd property, to be used as primary residence, be allowed to be deducted against Property A's rental income?

S10 exemption - how to disclose income on SA tax return?

Posted 16 November 2013

While working on a cruise ship - we get a salary + uniform allowance + commission. but seeing that the section 10 exemption will be meet how do we disclose this on the SA tax return? Just one amount or disclose each separately?

Offset maintenance for Capital Gains Tax?

Posted 16 November 2013

Can one offset maintenance to property for CGT?

Am I a provisional tax payer?

Posted 15 November 2013

If I earn less than R20 000 a year selling AmC pots plus earn a normal salary do I have to register as a provisional tax payer?

Local taxation of UK Pension?

Posted 9 November 2013

I turned 65 in February and after a brief visit to UK established that I qualify for a small pension based on what I paid in before emigrating to SA. It amounts to some R40k per annum. I am presently unemployed (no salary presently) due to losing my business last year, but I am working on changing this situation (may be salaried later this year). Two questions:1) if un-salaried would this small amount of pension be subject to tax by SARS.2) if I had the tax from UK paid into my local bank accoun...

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Physical Presence test questions?

Posted 5 November 2013

I have had a complex tax year!

Firstly I am a RSA resident.
From 1/3/2013 - 18/5/2013: 79 DAYS I worked in USA, and was paid by the USA firm.
From 13/08/2013 - today: 72 DAYS I have worked in Zambia on contract, paid out of SA.

My questions are:
1. If I go passed the 183 days, will my tax be refunded?
2. What am tax am I liable for if I had to go passed the 183 days?
3. If I go on holiday for the remaining 40 days outside SA does that count, or do...

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The 183 days is it in a calendar year, financial tax year or 12 month period from day job started?

Posted 1 November 2013

I am currently working in the DRC. I understand that my first stint has to be 63 days unbroken period out side of SA and then 183 days has to be done in 12 months. Please explain the 12 months. Is it a calendar year, is it a financial year, or is it 12 month period from the date we first left to work outside of SA to be exempt from tax.

How do you calculate T-no of years after valuation date when using Time Apportionment Base formula f

Posted 1 November 2013

I would like to know which year do you start calculating "T" on time apportionment base formula in CGT?

CGT on unit trust sale?

Posted 31 October 2013

Do all types of unit trusts attract capital gains tax when units are sold for cash withdrawal? Is there a yearly tax concession limit on investments such as unit trusts which is not taxable?

Investment information to be added on the SARS form and capital gains on what I draw every month?

Posted 29 October 2013

Hi, I have and investment, local and foreign dividends, that I draw an amount off every month of R6 000, there is a capital gains on this. I do not own fixed assets of any sorts and do not have a job, so the R6 000 is what I live off. How does this work with the capital gains on the SARS form, surely there should be and exemption for this? Also, the SARS form only asks for foreign withheld tax on dividends and not the local withheld tax. In the exemption area under non taxable what net amount do...

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Can I claim deductions for a living allowance given to my elderly mom?

Posted 28 October 2013

I pay my elderly mom R2 000 per month for living expenses. She does not qualify for a South African pension as although my dad was classed as a South African citizen, my mom's citizenship remains British. She received a small amount of money when my dad died which she invested and now earns R1 000 per month so her total income for living is now R3000. My question is, I would like to know if there is some sort of deduction I can make for this amount?

What is the tax benefit in working outside of South Africa?

Posted 25 October 2013

My husband is working in Zambia for a South African company, his company pay his salary into his South African bank account, he has been advised that if he has worked for six months out of South Africa for a least 6 weeks at a time he can claim the whole of his years tax back?

Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?

Posted 25 October 2013

On two occasions, my mother has been kind enough to grant me funds from her positive flexi loan balance that I used as a deposit when applying for finance for investment properties. On a monthly basis I pay my mother interest on the funds she granted me. Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?

I sold shares, capital or revenue for tax purposes?

Posted 23 October 2013

The shares I sold were before the 3 year automatic capital period, does this make them revenue in nature?

section 8C tax losses?

Posted 18 October 2013

Hi what are section 8 c losses?

Require clarity on tax returns for private individual who also owns a small business?

Posted 17 October 2013

1) If you own a CC can you include the income and expenses of the CC with your personal tax return. Is there a cut off on the amount of turnover business?
2) Must I submit 2 tax returns? One for personal tax and one for the CC irrespective of the amount of income derived from either income source?

Earning Oz dollars, living in SA, how do I get taxed?

Posted 15 October 2013

Hi, I am an SA citizen, and I hold Australian permanent residency. I will be doing some research for an Australian University next year. I will be paid in Oz dollars into my Oz bank account and this will be my only income. However, I will primarily reside in South African during that year and take 4 or 5 trips over to Oz during the course of the year. What are tax implications?

Signing bonus vs relocation allowance tax implications?

Posted 12 October 2013

I just got a job offer in CPT and currently in DBN and the company is giving me a signing bonus R100K. what are the tax implications of signing bonus compare to getting a relocation allowance instead of the bonus.

Is foreign exchange taxable?

Posted 11 October 2013

I live and pay tax in Hong Kong. I want to send R1mil to SA to pay into a bond. I don't want SARS to take any of the money. Do they have any right to tax me again?
If I pay directly into the bond, I fear it will get lost in a foreign exchange holding account. But if I send to my current account and then transfer I have more control in clearing it.
What do you suggest?

Personal tax of small business owners?

Posted 7 October 2013

Hi Tim. I have a trading business registered as a Pty Ltd that I started this year. The company only makes enough to cover its costs as it is still in its startup phase. I do not pay myself a salary as I do not have much in the way of living expenses. How would I treat my personal tax return?

Recouping Tax Deductions From Previous Tax Year?

Posted 2 October 2013

Is it possible to claim a deduction for tax in the following tax year which you have incurred in the previous tax year?

How do I work out my taxable income from my salary slip?

Posted 1 October 2013

I started earning extra wages outside of my salary in February 2013 and so I have registered for provisional tax. On my IRP6 I need to fill in my gross turnover(which I understand to be my gross salary other income including my rental earnings, wages earned and interest on investments) and then my estimated taxable income (which I understand to be my gross turnover minus my costs, retirement annuity contributions and my pension contributions). How do I work out the taxable portion of my salary ...

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I will be working outside of South Africa for a year at a time. Will I still be liable for tax?

Posted 26 September 2013

As from November, I will be working outside of South Africa earning dollars. I will only come back for 30 days a year for my leave. My wife and children will still be living here, so I need to send money for them to live. Will the money I send be liable for South African tax?If I rather have my foreign salary paid into my South African bank account, Would that be taxed?Thanks a million.

What is the exchange rate for foreign currency (DRC Franks)?

Posted 25 September 2013

I got paid in DRC Frank. How can I convert it to Rands ?

What the amount I am allowed to earn per year with my pension? I am over 70.

Posted 23 September 2013

I am 73 years old and cannot live on my pension so I have gone back to work. How much am I allowed to earn to be exempted? Is there no exceptions for the people over 70?
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