What documentation must a company give a shareholder regarding a dividend received?

Posted 7 March 2013

What documentation must a company give a shareholder regarding a dividend received in order to complete my tax return?

What are the benefits of non residents for taxable income in South Africa?

Posted 1 March 2013

I am living overseas for the past ten years and have visited South Africa occasionally for not more that 3 weeks per annum. I earn interest (R24500); dividends from private companies (R65000); retirement annuity income (R17500) amounting to approximately R110K per annum. I am paying taxes as a resident. What will my taxes be like if I were to be taxed as a non resident. Will I still be entitled to the rebates. I am 62 years old and am married in community of property. I will appreciate a hypot...

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Is my monthly tithe to my church an allowable deduction for tax purposes?

Posted 27 February 2013

Is my monthly tithe to my church an allowable deduction for tax purposes?, if not what donations are allowable for tax purposes?

Donations between spouses, are they taxable?

Posted 26 February 2013

Are donations between spouses, in the form of a regular allowance or a lump sum, taxable? Please advise the position for each spouse if possible. And does the receiving spouse need to declare under 'amounts not considered taxable' on ITR12?

DBX tracker funds - are these taxed as local dividends or foreign?

Posted 25 February 2013

We have some DBX tracker funds, when we get a monthly statement from the broker income is listed as foreign, but when the tax certificate is sent it is included as local, really confusing when doing provisional tax.

Would iI need to start paying tax yet if i just graduated and would be on a 6 month contract?

Posted 24 February 2013

I completed my degree at the end of 2012 and started interning for an advertising company from Nov 2013 till the end of Feb 2013.

Now they will be employing me on a 6month contract between April and September and I will be getting between R5000 or R5600, contract details have not been discussed yet. But would I have to register as a tax payer if I get the R5000 as I woud be earning less than R5300 or would the fact that it is in the middle of the tax year exempt me from this? How do I go about finding out about SARS things as their website is confusing, I know nothing about these legal things and I'm scared to get caught up like Wesley Snipes... :(...

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How long must I keep tax documents?

Posted 23 February 2013

Must I keep monthly current account and credit card statements? Electricity and rates accounts? Investment statements and medical aid statements? How long?

Moving to UK but still be paid by my company in SA, what is the process?

Posted 19 February 2013

I have a SA Company that is a Pty Ltd. We do various websites. We receive monies though debit orders from customers that list on the sites, all South African. My wife and I are both directors and the only employees.

We are thinking about moving to the UK and trying to find out who we would then pay tax to, SARS or UK on our salaries each month. We would be living there permanently with maybe a holiday each year to SA for a week or two.,

I have had conflicting answers to this question from SARS and HMRC and not to mention my accountant and a tax consultant that I called....

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Additional income, how do I show this on my tax return?

Posted 15 February 2013

I am a pensioner with a pension below the tax threshold. However I have additional income from a part time job. Must this amount be added to my pension (which is then taxable)? How do I calculate the PAYE that is then payable?

How to Calculate: Property Income tax?

Posted 15 February 2013

I want to know how to calculate the amount of tax that I need to pay SARS if I am renting out my property.
* I have a bond on the place that need to be paid back to a bank.
* Paying more on the bond than receiving rent.
* Paying levies on the place.
* Paying Property tax.
* Paying maintanace on the property.

How can I calculate what to pay SARS for the property income?

If you stay out of country for 183 days, 60 days consecutive, can you apply for a NIL percent tax?

Posted 11 February 2013

A directive that no tax is being taken off from your salary? As far as I am aware the lowest percentage directive is 18%. This person only comes to SA for holidays. I was informed that there is a NIL directive but not according to SARS???

Tax on Foreign Income

Posted 10 February 2013

Hi Tim,I've got a new contracting job where I'll be working from SA, but I'll be paid from the UK. How do declare/pay my taxes on these? And do I have to transfer all my funds back to SA?

Tax on local interest

Posted 4 February 2013

Please can you tell me what tax I would pay on say R10,000.00 per month interest
from local money market. I see R22 800 p a is tax free, then the local table applies, does
that mean after 60.000 pa. This would be my only form of income.

I have not filed tax returns since I don't work in SA anymore. Do I need to do this?

Posted 1 February 2013

Hi Taxtim! I'm a SA citizen but a resident in Canada for the past four years and paying taxes here (even for investment income earned in South Africa). I worked in South Africa and fulfilled all my tax obligations for the time I worked there. I still have investments (share trading and mutual funds) , Retirement annuity and joint property with my brother in South Africa. Do I need to file tax returns in SA?

How do I fill in the form as a salary earner PLUS freelancer?

Posted 30 January 2013

If I earn extra money as a freelancer, over and above my monthly salary, and I'm not registered as a business / CC, how do I fill that in on the form? i.e. I'm not the "director of a Private Company or a member of a Close Corporation" as it says in Section 13 & 14 - but I do freelance work outside my job that pays me (and some of it is foreign income).

Entering Personal assets for the first time on ITR12

Posted 30 January 2013

I am a member of a CC, and need to enter personal assets for my ITR12. This will be the first time that I will be entering the values of these assets, although I have held these assets for a couple of years. I am concerned that the increase from zero in previous years will trigger investigation by SARS, is this the case, or do I just enter everything now, and ensure everything is kept up to date going forward.

Tax Exemtion status

Posted 30 January 2013

My name is Sam working for the NGO and we have received a tax exemption and the Public Benefit Organisation status how that can help us in our fundraising for our programes and what is the procedure to identify donors?

Can you help me with Provisional Tax return?

Posted 30 January 2013

I am retired and my income is from Momentum who have invested my Pension Contributions when I retired. I always go to SARS to assist with my Return and was told last year that I am a provisional tax payer because of the savings I have and the interests I receive from these (over the allowed amount). I went to SARS to assist me with my first Provisional Tax Return in August 2012 & had to pay in R1000. I am very nervous to do Period 2 for 2012/2013. Are you able to assist me?

How do I get my IT3b and IT3c forms?

Posted 29 January 2013

How/where exactly does one get the IT3b and/or IT3c forms from and how do I know if I qualify for/need them? I have some minor money market investments, but am not sure if the interest earned on those is taxable as it is so little, so I'm not sure whether I need to submit these forms in the first place.

Do I need to manually request these from my bank/financial institutions or should they be sending them to me automatically?

If they are sent automatically, when should...

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Can I claim back on RA contributions if my business is the payer?

Posted 28 January 2013

I'm self employed, I have a retirement annuity but my premiums are paid through the business.

I live in South Africa, but working for a offshore company.

Posted 28 January 2013

I live in south africa, but working for a offshore company. They pay me a salary/package, but do not deduct any paye/tax from me. I need to sort this out myself with sars from within South Africa

What is the process that I need to follow?

Statement of assets when married out of community, but with 50/50 primary residence

Posted 21 January 2013

Interested in how to represent the primary residence assets amount on the ITR12, statement of local assets and liabilities, if:

Married out of community of property, with accrual
Purchased a house with the wife 50/50, therefore in both our names

How do I proceed with a tax directive? (One associated with my ex employer & from the pension fund)

Posted 16 January 2013

I retired on 30th June 2012 and received a SARS Tax Directive that states that "tax amounting to R0.00 is to be deducted from the gratuity / lump sum payment of R308732.65." What use does one make of this tax directive? Am I correct in assuming that this amount is to be subtracted from Income received (Codes 3697 & 3698). Is it still possible to submit my return via the provisional tax electronic medium; or will I now have to file a return manually at the end of February 2013?The p...

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Maximum Limitation on Receiving a Gift before Liable for Tax?

Posted 15 January 2013

Hello Tim,What is the maximum amount of money that I can receive as a gift from somebody before I become liable to pay tax on the gift? To be exempt from paying tax on a gift, am I limited to whom I may receive a gift from (for example: a relative/friend/stranger/business)?Nice website, by the way.

SARS appointed my employer as agent?

Posted 7 January 2013

According to SARS I have penalties of R22 250. I only discovered this recently after becoming more educated about the whole tax thing and investigated my own SARS status etc. Naturally I had to update my details and they now know where I work. 3 weeks ago, my employer received a letter saying something about appointment of agency and that she had to pay R1 500 per month over to SARS, in order to pay the penalties. Around the same time I went to SARS offices to log a dispute re the penalties and...

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