Tax Q&A

Medical expenses but no Medical insurance

If you are self employed and do not pay for medical insurance and pay out of pocket for all medical expenses can you still deduct these? Yes, you would inc

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Can I deducted 2 years from my CGT.

We just sold a flat that we owned for 10 years. We lived in it for 2 years but we've been letting it for the last 5 years. Do I need to pay CGT of the full 10

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Is there any capital gains tax reduction if I resided in the property for part of the time owned

This year, 2016, I sold a flat which I bought at the end of 2011 and took transfer in February 2012. The flat was my permanent residence for 1 year. Will ther

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Why am I taxed twice in a month?

My salary is divided into 2 payments per like I get my standard pay on the 15th of each month then all my allowances they follow on the 25th. So my question i

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Can I claim back my tax?

I earn less than R180 000 per annum. I only just entered the work force, and taxes still confuse me. I'm an independent contractor (but get set salary each mo

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Tax deduction on provident fund

What will my payout be on the following for my provident fund when I resign. I am not retirement age yet ( 52 years old ). On resignation from the SATU prov

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Can you apply for a deferrment or make a payment plan with SARS for provisional tax.

Payment plan or deferment for Provisional Tax payers Yes, you would need to contact 0800 00 7277 to make such arrangement. Thanks for the prompt reply.

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% take from tax

Im getting divorce, and claim 50% of my husband pension, it is in a provident fund, how much did SARS take from R140 000, please? Please make use of our Lu

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Dividend Tax

Is dividend tax deductible from normal tax payable for Micro Business exceeding the R200 000 dividends tax exemption threshold? Dividends tax will be payab

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What are acceptable write off periods for depreciation?

In addition to my previous question, the "Schedule of Write-off Periods Acceptable to SARS" (provided by SARS) - does that apply to Depreciation and/or Wear a

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Donations tax on member's interest

Must I pay donations tax if I donate 49% of my members interest in a CC? If the market value less than any consideration is greater than R100 000 then yes

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Is interest income taxable?

I have a money market account. Is the interest taxable? You would deduct R23 800 or R34 500 depending on whether you are under 65 years or over 65 years of

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Tax on retirement lump sum

Why deduct R130,000 36 % on retirement savings that exceed R1,050,000? That R130 000 relates to the tax that would be paid for amounts before the R1 050

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Do I need to declare gift?

I received (from a family friend in South Africa about R120 000 as a gift over a period of a year to help me pay back a loan. I had not been working for a fe

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Is the cost of a new roof maintenance or capital expenditure

Can I claim the cost of a new roof and windows that I replaced on a house I rent out. Did you replace them or add them on to the house as an improvement?

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Tax for a contractor

I'm on a contract for 6 months and I earn 12000. How much will be my take home amount? as I get paid different amounts monthly and its confusing Please mak

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IRP6: Additional Medical Expense Tax Credit & Taxable Income vs Turnover

I've got 2 questions for my IRP6 form for tax year ending Feb 2016:I am: provisional tax payer; and an individual - no dependents. 1. Is my taxable income the

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No tax returns since 2010?

My husband still owes his 2010 tax return to SARS. His employer never furnished him with a IRP5 and also never paid over his tax for that year or supply him w

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Is income earned by my minor child from a company taxed in my hands?

If my children received income from a marketing campaign they were involved in, is the income taxed in my hands? They did photo shoots for company and the com

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The dates to submit irp5 forms for 2015 if not submited last year

I didn't submit my IRP5 form last year 2015. I need to know when can I submit it this year. Like when is the closing date. And if I don't submit IRP5 forms ho

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Loans on my tax return?

Do I need to reflect loans and repayments when capture income and expenses? Not if they are merely transfers of money in and out with no effect on your in

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Tax on retrenchment and pension

I have worked for a company for 10 years. I have never been retrenched before and my company pension fund is worth around R780K. I have been retrenched due to

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How much of a capital gain should I be including for provisional tax?

IRP6 2016-02: My income is trading income reflected through an IRP5. This year there is also a capital gain. On e-filing form I have to add the capital gain a

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Provisional tax vs Income Tax (Closed corp)

For a closed corporation on SARS eFiling - a Provisional Tax tax return and a Income Tax tax return comes up for submission. However is this not the same thin

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UIF Deduction

Must UIF be deducted from an employee on maternity leave if the company will be paying 75% of her salary? No UIF should be deducted while she is not workin

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