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Author Topic: Tax  (Read 267180 times)

Bundu

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Re: Tax
« Reply #75 on: August 19, 2013, 09:43:10 pm »
I have previously read through that SARS doc and that's why I'm assuming 3 years is 'safe' - and that you can actually motivate shorter periods as not being a 'trader' - surely SARS can't conveniently assume if you 'trade' one share, you are now a trader - fukkkkem!  :mad:
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« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

gcr

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Re: Tax
« Reply #76 on: August 20, 2013, 10:08:22 am »
Quote from: Bundu on August 19, 2013, 09:43:10 pm
I have previously read through that SARS doc and that's why I'm assuming 3 years is 'safe' - and that you can actually motivate shorter periods as not being a 'trader' - surely SARS can't conveniently assume if you 'trade' one share, you are now a trader - fukkkkem!  :mad:
I concur with your last comment. I had dealings with SARS last week and they are the most arrogant collection of people I have come across, and they hide behind the Act and won't negotiate on any matter - there is no grey area whatsoever. They frequently hold themselves up as one of the primary operations within government who work efficiently and effectively but in reality the intelligence levels are pretty dismal
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Orca

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Re: Tax
« Reply #77 on: August 20, 2013, 08:15:36 pm »
I dunno now. Breezed through my 2013 to 2009 and came up to a problem. I went from front to back. My 2008 was a Managed Account and they split my account. One in the old and then a new one that I never knew about. I had no access to it. R33k was transferred to into it with 4 stocks and no indication of any Sell ever. Only Buy in the old account. SARS will want to know about this. "Burp"
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Bundu

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Re: Tax
« Reply #78 on: August 20, 2013, 08:48:57 pm »
AFAIK SARS is only interested when you sell something
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« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

Moonraker

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Re: Tax
« Reply #79 on: September 09, 2013, 07:06:44 pm »
Direct payments from eFiling axed

It's to be 'credit push'  for security reasons.
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Orca

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Re: Tax
« Reply #80 on: September 15, 2013, 07:40:47 pm »
Change of intention. How confusing and open ended.

If you had been buying and selling then you are considered as a trader and all your gains are taxed as income. Now if you keep those same shares for 10 or 20 years, they will still be seen by SARS as Trading Shares and will be taxed as Income and not CGT.

The only way to get your "Change of Intention" from Income to Capital Assets is to close your stocks at market value and pay the tax as income. You don't actually have to Sell. You just have to deem them as Sold and pay accordingly. From then onward,  they will be subject to CGT if you keep them for at least 3 years.

I will add the complications of this in a latter post.



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Patrick

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Re: Tax
« Reply #81 on: September 16, 2013, 10:49:39 am »
I have another weird tax question.

Let's say you have no other income besides dividends, obviously you pay dividends withholding tax before the money gets into your account, but come tax season, will you be entitled to the primary rebate on some of those dividends?
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Moonraker

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Re: Tax
« Reply #82 on: September 16, 2013, 11:00:33 am »
Quote from: Patrick on September 16, 2013, 10:49:39 am
I have another weird tax question.

Let's say you have no other income besides dividends, obviously you pay dividends withholding tax before the money gets into your account, but come tax season, will you be entitled to the primary rebate on some of those dividends?

Well the only income you have from dividends will be declared under 'exempt local and foreign dividends' under 'amounts considered non-taxable'.
So you will pay nil tax (withholding tax has already been deducted). Consequently there is nothing to deduct a rebate from. It would be a miracle if SARS would allow one to deduct the rebate(s) from nil, and credit you accordingly.
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Orca

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Re: Tax
« Reply #83 on: September 17, 2013, 05:38:49 pm »
A Tax 22 situation. I don't expect my 3 shares to make any more gains. Actually I expect them to tank and stay down for months. I cannot sell them as my calculations show that if I do then my Tax Owing will be R360k.  :wall:
Selling and buying new stocks will cost another R70K. So now I'm stuck in the brown stuff.  :-[
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Orca

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Re: Tax
« Reply #84 on: September 17, 2013, 07:30:16 pm »
 :wtf: Yesterday I went on SARS website and checked that the "RFC" ie Request For Correction is there. Today I can't find it as I want to correct my returns. It showed that my Adobe is outdated and I updated it. Flash player and reader. Still nix.
Went over to Internet Explorer and SARS shows that I need the latest Adobe??? WTF. I have it.
Went back to Google Chrome and still no RFC. Where has that gone?
have they changed their website?
 
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jaDEB

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Re: Tax
« Reply #85 on: September 18, 2013, 08:11:17 am »
I remember when I did mine,  I use windows internet explorer and Firefox. So open it with explorer see if it works, if not, try Firefox. I remember one did work lekker, and the other did not. just cannot remember which 1.
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Moonraker

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Re: Tax
« Reply #86 on: September 18, 2013, 02:57:41 pm »
Quote from: Orca on September 17, 2013, 07:30:16 pm
:wtf: Yesterday I went on SARS website and checked that the "RFC" ie Request For Correction is there. Today I can't find it as I want to correct my returns. It showed that my Adobe is outdated and I updated it. Flash player and reader. Still nix.
Went over to Internet Explorer and SARS shows that I need the latest Adobe??? WTF. I have it.
Went back to Google Chrome and still no RFC. Where has that gone?
have they changed their website?
What version of flash player do you have installed ? http://www.adobe.com/software/flash/about/
What is your operating system ? If Android there is an app http://www.sars.gov.za/AllDocs/OpsDocs/Brochure/IT-BR007%20-%20How%20to%20download%20the%20SARS%20eFiling%20App%20Android%20-%20External%20Brochure.pdf

With my Linux I needed to install Google Chrome that comes with Pepperflash, being latest flash version. Adobe no longer supports the latest players in Linux - only Chrome will work.
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gcr

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Re: Tax
« Reply #87 on: September 18, 2013, 03:00:11 pm »
Orca - if you are having to recompile your tax returns and SARS are seeing your transactions as a "trader" rather than an "investor" and thus have to declare your gains as revenue, then surely you can recompile on the basis of lumping these funds together with any other revenue but then you are allowed to make deductions for office space, telephones, cost of operation i.e. normal tax deductible expenses. Also through the latter part od 2007 and into 2008 did you not suffer any losses on sale of shares which would be considered business losses and could also reduce revenue so that you don't end up paying your life's investments to a rather dubious crowd of people
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Orca

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Re: Tax
« Reply #88 on: September 18, 2013, 03:52:13 pm »
Just got back from SARS. My tax loss from the 2008/9 crash amounts to -R284k but they say it has prescribed so the loss will not carry over.
Any tax loss or money due older than 3 years is prescribed but money owed by you never prescribes.
This will now cost me plenty. The auditors will get back to me within 3 weeks.

Got sorted with the Request for Correction. I had already clicked on it so it stayed open although I could not see it.
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gcr

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Re: Tax
« Reply #89 on: September 18, 2013, 04:20:36 pm »
Quote from: Orca on September 18, 2013, 03:52:13 pm
Just got back from SARS. My tax loss from the 2008/9 crash amounts to -R284k but they say it has prescribed so the loss will not carry over.
Any tax loss or money due older than 3 years is prescribed but money owed by you never prescribes.
This will now cost me plenty. The auditors will get back to me within 3 weeks.

Got sorted with the Request for Correction. I had already clicked on it so it stayed open although I could not see it.
Orca - since you were unaware of the fact that they were treating you as a trader I believe they should waive the prescription period - I would approach their appeals board to get them to apply leniency. The reality is they can't hide behind the Act when it suites them and then chose to ignore under different circumstances
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