Is a sale of software, IPR or patent considered a capital gain?

Posted 3 January 2013

Dear Tim,
Me and my wife have been developping few software packages for years.
Now we have a client that wants to purchase them.
1. Is the sale of the software and/or IPR and/or a patent considered a capital gain?
2. Is it is a capital gane, can we sale those in our private capacity?
3. How if this taxed in case that we receive 200k per person each year for a period of 5 years?

Thank you

Was I qualified to pay tax return in 2007-2008?

Posted 21 November 2012

I never submitted my tax return for 2007-2008. At that time, I was earning R69000 per annum. Also the tax return was done manually and unfortunately I can't find any copy. Now in 2012, SARS wants me to pay R8000 penalty.

My questions are:

1: was I qualified to pay my tax return?
2: What must do to dispute this penalty as I am not earning much currently?

Thanks in advance for your advice.
Ps: I am a permanent resident(SA).

I am from the UK, but will get permanent residence in SA, but I have money overseas, will I pay tax

Posted 20 November 2012

If i bring funds into SA and earn interest do I have to pay tax on it, what is the free allowance and then how much is it thereafter please?

I submitted my IRP5 and received an SMS saying account balance: -12000. Selected for audit.

Posted 19 November 2012

I submitted my IRP5 at a SARS branch in Joburg and I received an SMS saying
Tax return assessment result: R-12000. Acc bal:R-12000. Selected for audit: Yes.
What does it mean?

How much can I deduct for expenses from money I earned in Saudi Arabia?

Posted 16 November 2012

Hi, I taught a two-week course in Saudi Arabia, and they paid me straight into my bank account. Do I have to pay taxes on the full amount, or is there some fixed amount per day I can deduct for expenses?

I have a Q about retirement annuity deductions against tax?

Posted 12 November 2012

How does the Chief Thief calculate my deductable amount on 'current year' RA payments (code 4006)? I entered an amount on my tax form and they calculate a LARGER amount, how is this possible?

Are there penalties on incorrect information?

Posted 8 November 2012

Hi, I mistakenly did not pick up my medical payments deducted from my salary as a 'tax perk' which therefore adds to my taxable amount. I now have to pay in more tax after I have already completed both provisional tax forms, only to discover this now when I must submit my ITR12 now in November. Are there penalties and interest involved, since the year end is Feb and it's now Nov already?

Do I have to enter Unit Trusts on my tax form?

Posted 8 November 2012

In Feb this year (28 Feb to be exact) I contributed a lump sum of R1000 to a Retirement annuity High equity fund, does that have to be reflected on my income tax statement?

What does it mean to receive a penalty?

Posted 6 November 2012

What does it mean to receive a penalty?

Can l still submit my return if I receive a penalty ?

Posted 6 November 2012

Can I still submit my return after receiving a penalty?

Can I deduct the interest I pay on my home loan?

Posted 6 November 2012

I have received a tax certificate from my bank showing the amount of interest I was changed during the tax year. Where (if anywhere) do I capture this on my tax return?

How do I account for Rental Income in my personal tax return?

Posted 6 November 2012

I have a property in a sectional title that I have rented out since 1 October 2011. Where and what do I fill in on my tax return?

What if I have a company registered in the Seychelles, but I am a South African taxpayer?

Posted 6 November 2012

I am a South African citizen residing in South Africa and work from home on the Internet. My company is registered offshore in the Seychells and have an offshore bank account in Mauritius. I have no clients in South Africa or Africa, but work with clients in other countries and have mandates with companies in the USA, Moscow and Hong Kong. I stand a good chance to earn a substantial commission which will be paid into my offshore account. Can I opt to pay taxes in Mauritius as i also want to...

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What is source code 4142 on my IRP5?

Posted 31 October 2012

What is code 4142 and how is it applied in taxable income?

Does home loan interest charged affect my tax?

Posted 31 October 2012

I received a tax certificate from my bank showing the amount of interest charged on my home loan. Where or how do I enter this on SARS eFiling?

Does home loan interest charged effect my tax?

Posted 31 October 2012

I received a tax certificate from my bank showing the amount of interest charged on my home loan. Wherehow do I enter this on SARS eFiling?

Do I have to be registered with SARS if I don't work?

Posted 29 October 2012

I am a housewife and someone said to me that SARS must know of my existence. Is this true? Is it necessary to aggravate myself by standing in insanely long queues?

How do I access the page listing documents I need to complete my return?

Posted 29 October 2012

I am busy answering the questions on TaxTim but need to go back to the page containing the source documents e.g IRP5, IT3b etc. How do I do this?

How do I claim for the purchase price of 3 flats that I rent out?

Posted 14 October 2012

I have finished my claim, I noticed a place on the form to enter the interest I paid to the bank for the finance. Is there no way to claim for the actual money I paid for the flat each month compared to what I earned each month in rent?

I do not understand why TaxTim is different to manually completing an ITR12?

Posted 1 October 2012

Where do I update my personal particulars and where on TaxTim do I enter details of my IT 3(a)'s and bank interest?

Where do you include amounts

Posted 25 September 2012

Where must we include rental income, purchased annuities, exemption of capital portion, tax payers information, RAF S11(n)?

What happens if I've earned foreign income?

Posted 25 September 2012

I qualify to have my income classified as foreign income, but am unsure of the disclosure of this on my tax return.

Does married in community of property affect your assesment?

Posted 17 September 2012

I submitted my tax return via efiling. This year i made a mistake by selecting the wrong button by saying i am married out of community of propery. I am married in community of property. SARS send me a notice that i owe them R1029 and at the bottom its said that married out of community of property affected the assesment. What can i do as my details have not changed and previous years i never had to pay SARS. Could it be because of that and what can i do about it?

Property Ownership if I am living in another country?

Posted 17 September 2012

Great informative site!

A question for you please.

I live in the UK (and have done so for the pass 12 Yrs) but was born and bred in South Africa. I therefore have dual citizenship, having not renounced my SA .
I have recently been bequeathed property back in SA, which I plan to rent out for R5k/month.

Am I a tax resident now that I own an asset in the country and do I need to register as one now that I own property and do I need to start paying tax on the rental income ?...

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RENTE BETAALBAAR BY N VOORLOPIGE BELASTING BETALER

Posted 17 September 2012

1) Vanaf watter datum hef SARS rente by n voorlopige belasting betaler wat sy indiening per Efiling doen indien hy moet inbetaal ?
2)Tot waneer het n voorlopige belasting betaler tyd om sy opgawe in te dien as hy dit met Efiling doen ?
3)Tot waneer het hy tyd om die aanslag te betaal ?
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