Tax on income working permanently in the UAE and declaring of such.
Posted 23 September 2013
Hi Tim,
I left SA on 1/9/2011 to take up a permanent employment in UAE, with a UAE company. I also took up residency in the UAE. I sold all my fixed assets in SA, except for my primary residence, which I left for the children to complete their university studies from. I didn't have any intention to return to SA and wanted to relocate elsewhere, after my pension. Unfortunately I was retrenched w.e.f. 10/12/2012 and I returned to SA on 18/12/2012. I visited SA in Nov 2011 for 10 days in Oct 2012 for 5 days. I only started to earned an income in SA in February 2013....
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Tax efficient business type for share traders
Posted 23 September 2013
If one were trading JSE shares full time, which would be the most tax efficient business type to trade under, and why?
Does "Gross salary" for PAYE include subsistence allowances, car allowances etc?
Posted 21 September 2013
What components make up "Gross salary"? Would things like subsistence allowances (local) and car allowances be included?
As a SA citizen working outside SA on contract what tax do I pay if money paid into SA Bank Account?
Posted 18 September 2013
If I am a SA citizen and work outside the country on a 2 year contract but the money is paid into a SA bank account what do I pay in tax.
CGT - Offshore Stock
Posted 11 September 2013
Tim
I have a question. I live in the UK. I have been living here for 5 years. I have property and bank accounts in South Africa. I submit my tax returns every year, claiming a loss on my bonds over my properties. I put my foreign income under section S10(1)(o).
I want to know about off shore investments, if I decide to buy US Stock today, will this be the base cost for CGT purposes or will it be the day I return permanently to South Africa?
How would this differ...
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There is nowhere to list my deductions as a self employed business owner
Posted 10 September 2013
I am filling out the tax return and despite having said Yes to being a provisional tax payer it is asking me questions relevant only to an employee, such as do I have a company car etc and keeps referring to my IRP5, which obviously I don't have, being self employed.
Has something gone wrong, am I filling in the wrong form? Where do I list my deductions, of which there are many?
How to fill in your Tax return with two sources of income, but no IRP 5?
Posted 10 September 2013
I do work for a research group but am not formerly employed by the research group at the university. I am listed as a vendor and get paid for things I do for the group. Effectively as a supplier of things I make.
So how do I fill in my tax form since I am in the tax threshold. I do not get a IRP 5 since I am not employed by them. I also received a pay out of a fund that I had from my previous work and it shows up in my form as an employer.
Now I would like to know how do I go about to fill in my form as I am receiving income but do not know what code or where to put it in the form. ...
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Foreign Cruise ship income
Posted 10 September 2013
Hi Tim, Please assist, I have earned foreign income working on the cruise ships. However, I have been in SA for more than 183 days for both 2013 tax year and 2014 tax year.Are there special exclusions for cruise ship income?Many thanks
How do I deal with tax on an inheritance?
Posted 10 September 2013
How is an inheritance dealt with in tax, is it excluded from gross income, is it exempt?
Taxable Settlement agreement?
Posted 5 September 2013
Hi Tim,
Last year (this financial year though) I left a job and had a settlement agreement with my ex-boss for outstanding monies for overtime as well as for medical expenses as a result of my work. We have had no contact since the settlement. When going to file at SARS I noticed he has included the full amount as income on my IRP5, where as only a small portion was for income and the rest to cover my medical bills. Am I correct in thinking that I am not liable for income tax on the S...
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Working from SA, being paid in UK
Posted 4 September 2013
Living and Working in South Africa remotely to UK (IT).
Hi Tim
I lived in UK for 5 years and returned to SA in 2010. I have dual nationality (German and South African).
I have been working in SA for a local company since 2010 earning rands. I have now been approached by my previous employer in UK to work for them again remotely from SA.
If I am paid by them in pounds into my UK bank account where will I pay tax and will have have to bring in all my earnings to SA or can I only bring in what I need?...
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Should one separate share investment and trading activities by creating a legal entity?
Posted 3 September 2013
It is apparent that there is a massive grey area when it comes to SARS interpretation on share investment vs share trading and the resultant taxation thereof.
I have a share investment portfolio (exceeding 3 years) and now also want to trade shares short term.These shares will include some of the very same shares that I hold long term in my investment portfolio. Can and will SARS accurately distinguish on an ongoing basis which shares I sell at any given time and tax me accordingly and correctly i.e. capital gains vs income? ...
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How do I declare income earned outside SA and put into offshore acc?
Posted 3 September 2013
I act as a local consultant for a European company and earn regular income, which is paid into a offshore account and no tax deducted. I live in SA, working full time and earning a salary. What are the tax liabilities on the income earned in Europe and how is it declared?
IT3 certificates? Requirement to issue on loan accounts? CC or Pty?
Posted 2 September 2013
Hi Does a close corporation or a (Pty) Ltd company that has paid interest on member or shareholder loan accounts have to issue any kind of IT3 certificates?
AVS Bank with AVS verification fail
Posted 29 August 2013
What does this mean: AVS Bank with AVS verification fail
Could SARS refund my tax to a UK bank account or does it have to be to a SA account?
Posted 28 August 2013
Hi Tim,
I worked in South Africa last year as UK citizen and have put in a tax return. It's calculated quite a bit back but now I have a message that reads 'AVS Bank with AVS verification pass'. I am back in the UK and SARS have said I can make someone power of attorney on my behalf, which I have duly done. They have agreed to take my paperwork to the SARS office with certified copy of my passport and my last ABSA bank statement.
My question is, to make life easier could SARS refund my tax to a UK bank account or does it have to be to my South Africa ABSA account?...
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Refund sent to expired bank account
Posted 28 August 2013
Hi Tim
I would like to know what I should do when I was due for a refund and my bank account was already expired. Now they sent the money back to SARS. So I would like to know what must I do next to get my refund?
Thank you for the cool blog...
Do you have to pay SA tax on joint pension of - R60,000 (R30k each)?
Posted 26 August 2013
My husband and myself receive a British pension each. Not a full pension, something like R60,000 a year between us. Do we have to pay south African tax on it?
Thanks
Molly
Hourly rate "net of tax". What does this mean?
Posted 26 August 2013
I am starting a new position with a multi-national US based company, and my letter of appointment lists my hourly rate as "net of tax". I am not sure what this means, and was hoping you would be able to shed some light. How are my tax implications affected? Do I need to register for provisional tax?
Can a non-resident South African citizen take out inheritance from SA?
Posted 23 August 2013
I've lived out of SA for 22 years and have held dual nationality (SA and UK) for the last 12 years. I rarely visit SA and have not spent more than 3 weeks there in any of the last 20 years. My question is about inheritance. If I inherit in SA, will I be allowed to take my inheritance out of SA? I have never formally emigrated, still hold a SA passport in addition to my UK one and have no assets in SA. Would it make things easier if I renounced my SA citizenship?
South African Expat working in Dubai
Posted 23 August 2013
Hi Tim,
I have been working in Dubai since 1 January 2011 and would like to know do I need to declare my Dubai income on my tax return? I have only been back to South Africa once for 28 days in August 2012. I am working for a local Dubai company, with an open ended contract.
For the last 2 tax years I have submitted my tax return, declaring my South African sourced income, interest and rental income.
Is this the correct way or do I still need to declare my Dubai income and will my Dubai income be taxable?...
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Do I submit my capital gains from an investment as part of my primary residence if I do not have one
Posted 22 August 2013
Do I submit my capital gains from an investment as part of my primary residence if I do not have one? I own no property etc.
How to calculate Tax Refund if over 65 with a disabled dependent
Posted 22 August 2013
I am completing my father's Tax Return for him. He is over 65 and has a dependent, my brother, who is mentally disabled. I have indicated this as such on the return and can see from the calculation that the full medical amount listed is shown as a deduction from the taxable amount. What is confusing me is the only amount being reflected as a refund is the PAYE he paid on some shares that he cashed in and there is no additional refund for any of the mental disabilities. Am I understanding the med...
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Difference between document verification and SARS audit
Posted 20 August 2013
Hi Tim, what is the difference between a document verification and an audit from SARS?
Is a?sale of shares held as an investment taxable?
Posted 19 August 2013
A?sale of shares held as an investment, is it taxable?
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