1861
Shares / Re: Metair. Titan or Titanic?
« on: October 17, 2013, 07:37:40 pm »Geez. This is the best day I have had in years.Another good day.
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1862
Oh dear. Running past her feet again. She never learns. Due for a pullback very soon like in tomorrow. Then again the media (Best stock over 5 years) she has had lately might just be the cause of this upsurge. A pullback of R6 towards the 20sma will be good for long term sustainability.
1863
Bundu. If you read through the Tax Administrative Act or TAA on SARS website you will realize that getting professional advice or aid will not help at all.
The TAA was signed into law and gazetted and not even the minister can bend the rules of the act. Under Section 104(5) it states that if the objection is 3 years or older then no objection can be made. SARS has no discretion in this regard nor has the tax court nor the tax ombudsman. Only the High Court can make a ruling.
So my assessment is final and conclusive.
My only advice to people in my situation is to go for the Voluntary Disclosure Programme. I have not yet read it but I would think you can negotiate with the Commissioner for a 5 year max extension.
The TAA was signed into law and gazetted and not even the minister can bend the rules of the act. Under Section 104(5) it states that if the objection is 3 years or older then no objection can be made. SARS has no discretion in this regard nor has the tax court nor the tax ombudsman. Only the High Court can make a ruling.
So my assessment is final and conclusive.
My only advice to people in my situation is to go for the Voluntary Disclosure Programme. I have not yet read it but I would think you can negotiate with the Commissioner for a 5 year max extension.
1865
Off topic / Re: VOIP question.
« on: October 17, 2013, 12:44:04 pm »
Thanks Franz. Is a Samsung galaxy tablet a mobile? Seems that any android device is considered a mobile.
1866
Orca - it does make one wonder if one should come clear with SARS
I take it since 2009 they never discovered your mistakes and you came forward on your own accord? or did they pull the plug on you?
I disclosed all.
My tax consultant told me to not enter into an VDP as the 3 year prescription rule will apply and to just disclose all and the 5 year rule will apply. Not so it seems.
1867
At SARS I was allocated a young fat BEEEE girl that had to keep asking others for advice as to what to do. I told my wife that there is shite coming.
She filed it as a NOO. ie. Notice of Objection. Geez. I NEVER objected to anything. I disclosed.
She filed it as a NOO. ie. Notice of Objection. Geez. I NEVER objected to anything. I disclosed.
1868
I said that I will post my SARS trading outcome. Just to refresh your memory;
Due to ignorance on my part, I never disclosed my trading activity to SARS since 2008. Had a Managed Account with a broker and lost R170k for the 2009 tax year.
I then did my own "investing" in CML by buying at lows and selling at highs. Did not work very well but made good gains for 2010/11/12/13.
This made me a "trader" and I never knew it. I thought if one keeps the money in the JSE without withdrawals then tax will not come into play.
Stoopid me only found out this year that it does not work that way. Recalculated all my losses and gains from 2008 and presented them to SARS. I was only owing R12K for last year if the R170K loss was carried over.
This, I disclosed out my own accord. Now today I get a letter stating:
"Notice of Invalid Objection. ( I did not object to anything)
Your objection for tax year 2009 is not valid as it was made more than three years after the original 2009 assessment. (All the tax acts are mentioned)
This assessment is now final and conclusive.
You cannot object or appeal against this decision and the only recourse available to you is to approach the High Court for review. Your 2010 to 2012 revisions will be recalculated and forwarded to you soonest ".
So my 2009 tax loss has prescribed and now I must pay over R200k tax plus interest plus fines. I hate SARS.
Due to ignorance on my part, I never disclosed my trading activity to SARS since 2008. Had a Managed Account with a broker and lost R170k for the 2009 tax year.
I then did my own "investing" in CML by buying at lows and selling at highs. Did not work very well but made good gains for 2010/11/12/13.
This made me a "trader" and I never knew it. I thought if one keeps the money in the JSE without withdrawals then tax will not come into play.
Stoopid me only found out this year that it does not work that way. Recalculated all my losses and gains from 2008 and presented them to SARS. I was only owing R12K for last year if the R170K loss was carried over.
This, I disclosed out my own accord. Now today I get a letter stating:
"Notice of Invalid Objection. ( I did not object to anything)
Your objection for tax year 2009 is not valid as it was made more than three years after the original 2009 assessment. (All the tax acts are mentioned)
This assessment is now final and conclusive.
You cannot object or appeal against this decision and the only recourse available to you is to approach the High Court for review. Your 2010 to 2012 revisions will be recalculated and forwarded to you soonest ".
So my 2009 tax loss has prescribed and now I must pay over R200k tax plus interest plus fines. I hate SARS.
1869
Shares / Re: Do you have shares here?
« on: October 16, 2013, 05:14:45 pm »I hold Coronation, Pinnacle, Woolies, and Mr Price - only got my Coronation at R 24.65 so haven't enjoyed the entire ride
Well done gcr. I bought CML at beginning of 2009 but kept selling and buying back in so only made around 350% and I withdrew all the divies.
What really is amazing is the big diffs between CML and the runner up.
1870
Off topic / VOIP question.
« on: October 16, 2013, 04:01:01 pm »
I don't have wifi so used to call my kids in the UK using GoogleTalk once a week. Now it has changed to some other name after updating it and only does messages or video call. The voice only is gone and it is too expensive for video call.
Downloaded Skype and see that you first have to buy €10 "airtime". I suppose you pay for internet as well as the airtime.
Any suggestions?
Downloaded Skype and see that you first have to buy €10 "airtime". I suppose you pay for internet as well as the airtime.
Any suggestions?
1871
Shares / Re: Do you have shares here?
« on: October 16, 2013, 03:42:45 pm »
Who has shares here? I got CML and PNC.
1873
The Investor Challenge / Re: investor challenge
« on: October 15, 2013, 07:31:58 pm »
Well that's that for MoneyPenny. Who's next? tgg? I think he has posted here so he is my next target. 
This is getting tiring but I will persevere. After tgg, it will be my good fiend Alf101. Oh no. He has penny stocks so he is dissed. Sorry my fiend. jaDEB is next but he is far too high for me.
This is getting tiring but I will persevere. After tgg, it will be my good fiend Alf101. Oh no. He has penny stocks so he is dissed. Sorry my fiend. jaDEB is next but he is far too high for me.
1874
Shares / Re: Metair. Titan or Titanic?
« on: October 15, 2013, 07:16:23 pm »
With the above gains and MTA looks to beat CML over time, my move to Portugal seems nearer. Another 15% will put me at my target to start my move. 
1875
Shares / Re: Metair. Titan or Titanic?
« on: October 15, 2013, 07:01:42 pm »
Geez. This is the best day I have had in years.