Tax Q&A

How soon can you submit my returns after I upload it on Taxtim?

A few minutes ago I just submitted my 2013-2014 tax returns on your system. This is already overdue and I am facing penalties. How soon can you submit and wha

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Capital Gains Tax on second hand personal items

Is selling your unwanted goods taxable and how do you calculate tax? What unwanted good are you referring to? For instance your old fridge or washing ma

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Claiming travel expenses on a fixed cost basis without an travel allowance

I am self employed and earn commissions and fees. Can I claim a travel expenses on a fixed cost basis even if I don't get an travel allowance? If you are s

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Source Code NPC

What is a Source code for a sport PBO NPC providing PBA Public Benefit Activities (PBA)? Please see our list of Business Source Codes

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Do I need a tax reference number?

Do you need a tax number if you dont need to file a tax return, as per SARS tax threshold Yes, if you are earning income then you need to have a tax number

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Tax on lump sum

I have resigned from a government institution and my pension contributions were R840 000 at the time of resignaion. How much will I be taxed on my lump sum?

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If I start a small psychology private practice after hours will I need to register for tax?

Hi there, I'm starting a psychology private practice to build experience. I am already employed as a psychologist by a company but I want to add to my experie

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Micro Business Financial year end

Please confirm that a micro business registered for turnover tax must have a financial year end on 28/29 Feb. Yes,that is correct.

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Provisional tax for the year

I didn't submit a provisional tax return in Aug 2015 because I thought I would be below the threshold but I am actually above the threshold for the 2016 tax y

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Can I claim back tax on a retention bonus?

I was paid a retention bonus and I'm leaving the employer before the retention period. This means I now need to pay back the bonus amount. The company is dedu

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Declaration of interest earned on Fixed Deposit investments for tax purposes

Good Day, my question relates to the declaration of interest accrued (but not necessarily paid) on Fixed Deposit investments for income tax purposes. I am a p

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How can I get an ITA34 as soon as possible?

Hi Tim. Im trying to buy a property by taking out a mortgage bond. The agent has told me that they need an ITA34 from SARS so the process can continue. I have

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Tax on Foreign Pension

Hello Tim, I am working outside of South Africa and for a US based company. I am more than half the year outside SA and one stint is more tham 60 Days. I hav

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Is my previous company suppose to apply for a tax directive on retrenchment?

I was retrenched last year July (2015) Once I had received my notice and my retrenchment package I noticed that they had taxed me on my retrenchment package.

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Do I include the share scheme portion of my annual bonus for provisional tax purposes?

My question is about what to include in 'Turnover' from provisional tax purposes. If my annual bonus is partially cash and partially invested into a c

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Non retirement funding income

If I earn more that R30 000 from non retirement funding income, do I have to register for provisional tax? What exactly are you doing to earn that R30 000

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Fuel Reimbursement

What tax code must be used when a company reimburses fuel only and business km's exceeds 8000km per annum. There is no refunds for wear and tear, repairs

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Private company that does not pay tax and never register for tax what are the penalties?

Private company that does not pay tax and never register for tax what are the pelnaties You can face up to 200% penalties for outstanding tax and then inte

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Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

I have bought a second hand car for an amount of R168000 in cash, 3 months later I decided to sell the car as it is not being used often for an amount of R215

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SARS Payout

I owed SARS money (Statement of Account Period: 2015/07/28 To 2016/01/28), I submitted a dispute, and the following is now showing. SARS Status: Please note t

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Does a church/ free association pay tax on tithes & offerings?

We are a small non-denominational church and are registered as an NPO. The cost of auditing and maintaining the NPO status, has become too much. We want to de

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Capital gains tax on shares sold and reinvested

I sit with a case where a person sold shares of an equity portfolio and re-invested the amount into another investment plan fund. Is the person liable to pay

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2014 return not submitted

Tax Tim did my 2014 tax return, for which I paid, but I have been told by SARS they it is still outstandingDenise HunterID 5603170821082 According to our s

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If e.g. an amount of R1.2m is withdrawn from pension is the R203400 added to the last tax portion?

What does R203 400 36% mean in the pension withdrawal tax table? Please make use of our Lump sum calculator to work out tax payable on your pension wit

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Tax question on medical aid and correction for SARS

I've just got back and seen the email from SARS. I have a few questions. 1. I made a mistake on the foreign Income, as it was through the business and not my

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