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Am I a tax resident if I own property in south Africa even after having left in 2006?
Posted 31 January 2014
I left South Africa in 2006 to work overseas and visited the SARS prior to leaving the country. I was told I do not need to do anything further regarding tax. I returned for a holiday in 2008 and also bought a property in 2008. I was also told that any earnings I transfer to my South African bank account will only be taxed if I earn interest of 100 000 rand per year. I want to know if I own property am a tax resident? do I need to pay tax? the property I purchased is not rented.
TaxTimsays: 3 February 2014 at 5:57
If you do not rent out the property then you will not be taxed as you are not earning any income. Only if you sell the property will you be taxed on any capital gains made.