How to declare foreign salary on ITR12 form

Posted 19 August 2013

Hello Tim,

I earned a SA salary and lived in SA until September last year, afterwards I went back abroad/overseas to my home country and worked there. I already submitted my SARS ITR12 form and I did not mention my foreign earned salary income because it is already taxed abroad and I also could not find the section to add this amount on the ITR12 form. Now my ITR12 form is under verification and I have to submit all relevant forms. Does SARS need my foreign payment slips and do they need my foreign bank statement with the interests? I declared a few rands which I earned on my foreign bank account which is below the threshold...

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2014 tax year - What is the exempt amount on the interest from investments?

Posted 18 August 2013

2014 Tax Year. What is the exempt amount on the interest from investments?

Provisional Tax form completion for declaring Capital Gains

Posted 17 August 2013

I've cashed out my investment portfolio in May this year, in preparation for emigration, which will be completed in September this year. So I need to fill out a provisional tax declaration for capital gains, which comes to around R75k. I also haven't been in South Africa for the entire year - we moved overseas before the tax year started. So I haven't earned any income in South Africa to declare.

In the provisional tax income form, I fill out the R75k as "Gross/turn over", and have calculated the taxable income as R14k (R75k - R30k excluded amount for capital gains per year x 33.3% inclusion rate)....

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Source code for interest on pension fund

Posted 15 August 2013

Hi Tim, I have an IT3(b) letter stating that I should include the amount of R...... interest received on my Pension Fund that I have received. I am not sure under which source code I should put it?

Online Admob income from a foreign source

Posted 14 August 2013

I am currently not a registered tax payer nor am I employed, I am however getting into smart phone programming and wanted to know my tax obligation when it comes to individuals who do this kind of thing in their spare time and not as a business operation.

Also - Google Admob (for smart phone app monetization) is in the U.S.A and payments are paid out when a limit of $100 have been reached. (This into bank accounts and not PayPal). At what time should I register as a tax payer and what...

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What are the tax implications for shares that have been sold?

Posted 13 August 2013

I am a pensioner over 65 and receive a pension from a living Annuity and a small income from interest (plus minus R5000 interest per annum). In March 2012 I sold shares that I received from Old Mutual and Sanlam many years ago. What are my tax implications and must I include this in my return?

Thanks

Tax implications of dividends from both local and foreign investments

Posted 12 August 2013

Please describe the tax implications of dividends from both local and foreign investments.

How to include sale of house and RA in the Statement of Local Assets and Liabilities

Posted 12 August 2013

ITR12 Query: Statement of Local Assets and Liabilities
1. Form states that Local Assets should be listed at cost. Does this mean the cost of the asset when it was purchased? I bought my house in 1974 for R19 000. Is this the amount I enter in the fixed properties block?
2. Should the current values of Retirement Annuities be included as an asset?

How does having an investment policy help reduce my tax?

Posted 12 August 2013

With Old Mutual I have an investment. Can I claim this as a tax deduction?

What is better for tax - a company or partnership?

Posted 6 August 2013

Considering a business with a taxable income of R200000. Will it be best to keep it as a partnership or register it as a company? The company is a normal company and not a small business corporation since one of the directors is also involved in another company. At what income will it be better to switch over to a company instead of partnership when it comes to taxation?

Declaring Withholding Tax on Local Dividends

Posted 6 August 2013

I have received my It3(b) certificates from the various investment companies I deal with. 3 of them show how much the withholding tax on my local dividends was, 1 (from a stock broker) does not. How do I declare the dividends on the ITR12? Do I need to enter the gross amount before withholding tax and then indicate that withholding tax was deducted? Or will SARS assume that withholding tax has been deducted? Basically I just need to know if there is a certain section of the form that allows me ...

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I own half of 2 properties plus earn R7000pa interest on savings. Do I have to pay tax?

Posted 5 August 2013

Hi Tim,I am retired and earn approximately R7000 pa in interest on savings. Do I need to register as a tax payer? I am joint owner of our permanent residence plus a beach cottage.Many thanksBev

How would I be taxed if I am spending every second month out the country for work?

Posted 5 August 2013

I have been offered a job within South Africa that has various branches across the world. I will be contracted by the company. Thus I will be spending every second month out of the country, 6 months away and 6 months home. I would like to know how I am going to be taxed because I am not 100% sure?

Tax code not entered on IRP5 for tax exemption. How do I get this fixed?

Posted 31 July 2013

I have worked out of the country last year for more than 183 days and 60 days continuous.
We do not do this every year, so my employer did not enter the tax code under (Reason for Non deduction of employees tax) (4150) . They said it is to difficult now to change it.

What will I be able to do, to get this fixed, it will probably only be for one last year. Should I go to the Tax office and try to explain?

Thanks

Freelancer - local and international - Needs to start keeping records for tax purposes

Posted 31 July 2013

I have been freelancing for local and international companies for a few months. I need to get my tax admin sorted out. I work from home and am on my husbands medical aid.

Where do I start and how do I maintain all my information that I need to? I'm happy to set up Excel docs to keep records. I'd like to know what I should be keeping records of,  where I can benefit from tax refunds, and what expenses I can set against the business. Do you have any templates I could use?

Als...

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Declaration and calculation of Trustees Fees received for income tax purposes?

Posted 24 July 2013

If you receive Trustees fees how should this be declared and taxed?

Hi Tim. I work in Sierra Leone and get paid in dollars, into a SA bank account, how do I complete my

Posted 23 July 2013

I comply with the regulations regarding 183 days out, 60 days consecutive. My question is where do I fill this in on my return. They want a rand value, and I do not have an IRP5 but one from the company.

How does the rental tax on a first property, paid in cash, work?

Posted 23 July 2013

I currently live with my parents, on their property. I am looking at purchasing an apartment for R650 000 and renting it out. I have been given the option of paying for this in cash and then paying my family back at their low bond rate of 6.5% (prime -2%).

The property will be rented out for R5500. The expenses on the property (rates and levys) are R1800. So the rental income would be R3700pm. This R3700 as well as another R4300 will be paid monthly to my parents (total R8000pm).
...

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Starting with tax

Posted 22 July 2013

Hi Tim, We are two employers that works in a small company, and after one and a half years we found out that our employer did not pay or fill out the necessary documentation for our tax. We would like to sort this out ourselves as soon as possible - where do we start? Will there be any penalties? How can we work out what this will be? We both started working for the company after University. Personally I break even every month after medical aid contributions, student debt, rent etc. My co-worke...

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Which receipts to be submitted?

Posted 18 July 2013

What type of invoices and documents are supposed to be submitted with IRP5?

Expenditure for private person while overseas for business

Posted 18 July 2013

Where do I enter a claim for foreign expenditure on the ITR12? I run a S. African B&B, but went to the UK and France specifically to investigate buying a B&B overseas. Can I claim my expenses for this trip?

FILING RETURN FROM OUTSIDE SA?

Posted 16 July 2013

I worked for some months & paid tax also. Now I am back to my country. My employer gave me an IRP5 form. Please let me know how I can file return form here. Is my foreign bank account acceptable as my SA bank account is closed now. Please let me know what else need. I'm ready to pay more.

When will I receive my tax refund?

Posted 16 July 2013

I have submitted my returns and was selected for audit. SARS requested additional documents which I provided. I received an assessment and some of the deductions were not included, I then submitted notice of objection. I received a revised assessment this morning and it reflects a negative amount. The statement of account also shows that a refund is 30 days due. When can payment reflect in my account?

Is Forex income not classified as capital gains tax?

Posted 16 July 2013

A certain amount of capital is grown by means of buy and sell transactions leading to profits and losses.Is forex income not classified as capital gains tax?

s10(1)(o)(ii) and once off-contracts

Posted 14 July 2013

I will be fulfilling a contract overseas for more than 183 days and more than 60 continuous days. I meet these requirements of s10(1)(o)(ii), but I am unsure if the section applies to once-off contracts with an overseas company. The contract will last for more than 10 months however. Does this make me an independent contractor?
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