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That's better... Sars commissioner Oupa Magashula quits

http://www.sharechat.co.za/forum/topic/20454-our-man-at-sars/?p=207292

 :laugh:

Once again being audited by SARS. What really pisses me off is that after uploading supporting documents, I later realised that I forgot those relating to CGT, so logged in again, but then the upload fields are greyed out i.e. not accessible.
Whoever set up the efiling system to prevent those that, due to an oversight, omitted one or other supporting document in the initial upload from later simply being able to upload the document they previously forgot to submit, IS A MORON.


EDIT. I think that if one is not a member of a medical aid scheme (like me), and claims for expenses one will always be audited. Same would probably apply if one has made a donation to a PBO (like me).

Have you seen the FTSE100 ? Now nearly 3% up on Draghi comments

European shares rallied the most in more than two months and the euro weakened as European Central Bank President Mario Draghi made an unprecedented pledge to keep rates low for an extended period.

Crazy. BTI = up 3.4%
and SAB = up 4.4%
@15:20 our time in London.

If you have Unit Trusts that you keep for 10 years and although the stocks within the UT's are also sold and replaced from time to time, you will not be liable for tax until you sell the UT.
Am I correct?

Yes, the collective schemes act means that the UT's don't pay CGT, but as a holder you need to pay CGT when you sell units applying weighted average cost.

That email stated that if I earn less than R250k then I need not submit a return. The threshold is R63556.00 !!!
I don't understand and I'm only on my 2'nd beer.

No such luck Orca,

Piet Nel, project director for tax at the South African Institute of Chartered Accountants (Saica), explains that these requirements include that an individual may only earn salary income from one employer. In principle they would only have one IRP5 (a tax certificate from his or her employer), he says.

Additionally, the person may not earn other taxable interest or rental income and is also not entitled to any tax allowances for medical contributions, retirement annuities or business travel expenses.

The government Gazette confirmed that individuals who do earn interest, but would be exempt from paying tax on it because the tax is less than the annual interest tax exemptions (R22 800 for individuals under 65 and R33 000 for persons 65 years and older), would not need to submit a return based on this income alone, he says.

(Gird your loins and grease your skids, tax season is upon us)   

Quote from: Patrick on July 01, 2013, 01:43:21 pm

Thanks for letting me know. That sucks on so many levels 

well, basically it means that where you previously got 75% of your growth tax free, you now only get 66.7% of your growth tax free when keeping your shares > 3 years

The inclusion rate is 33.3%
Eg. Let's say after deducting the R 30.000.- annual exclusion applicable to capital gains (and losses),
you have R1000.- gain.
Then apply the 33.3% inclusion rate = R 333.-
That amount must be added to your taxable income.
If your marginal tax rate is 40% then your effective tax on the gain is 13.32%
If your marginal rate is 30% then your effective tax on the gain is 9,99%

Statements like this one today, gcr ..

The better demand today is understandable given the salutary remarks earlier this morning from New York Fed President Dudley who said the market's expectations for an earlier rate hike by the Fed are "quite out of sync" with the Fed's statements.  In other words, Mr. Dudley was saying the market overreacted to the FOMC view communicated last week by Fed Chairman Bernanke.

Read more: http://www.nasdaq.com/aspx/market-summary.aspx#ixzz2XRPWOWKH