I need some advice regarding how to structure my taxes and what ways I will be able to reduce my tax exposure through deductions, registering as a private Pty vs Sole proprietorship etc... I have a salaried job and am starting up a side business working from home as a web developer. I am also considering to start renting out our flatlet via Airbnb. The total income I am looking at includes (per month): 1) Salary: R70000 2) Airbnb: R3000 (which is a bit hard to estimate right now till we have built a track record, but this is assuming an average occupancy of 13%) 3) Web development: R5000...
My wife and I got married last year on the 26th of March 2018. We got married in community of property, so when it comes to tax what I would like to understand is whether we will both need to do our tax differently this year and also, I would like to find out what would the implications on our tax returns be like?
How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income.
1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income? 2. Is it necessary to declare if only a loss was made? 3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit. 4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...
I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any income on this account nor do I earn any income from abroad. With that said, the interest rate for this account is set at zero on the deposits made. What I would like to know is, would I in this case need to pay tax on any currency movements while the cash is in the account and if that is the case, how would this work if I make payments from...
I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?
SARS owes me money from a tax return which I recently submitted with the help of TaxTim. They have come back to say that I need to file my old tax returns from the year 2016 and 2017, but I was not working during those two years and I also never filed any tax returns during those two years. I am not so sure about what should I do now regarding this matter?
My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new IRP5 document for me? Also, please note that there are some amount changes as well which were made and this needs to reflect before I can agree to submit the final details. Is there perhaps a process whereby TaxTim can import the IRP5 before commencing to the submission state?
What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money from my children's investments which ranges between R1000 and R8000.
I am confused and I need some clarity regarding money I am contributing into a pension fund. I am making monthly contributions into someone else%u2019s pension fund. I was wondering whether I can deduct my contributions from my income for tax purposes. Can I claim these contributions back? I am not certain whether this is doable and would appreciate your help.
My wife and I are South African and we are currently based in East Asia. I work here as a teacher and my wife is not employed. We are married in community of property. So, back at home in Durban, we own two properties, one is residential and the other an office space. We receive rental income of about R6000 and R7500 respectively. Both properties are mortgaged and they are part of a sectional title scheme. Should we register as provisional taxpayers and how would we go about doing this?
I have been living abroad for a while, since February 2018 to be exact. I filed my tax return for the 2017/2018 financial year, as it reflected my income for the previous year, during which I was employed in South Africa. I would like to maintain an unbroken record with SARS, but I'm not sure how to file for income earned abroad. My current income is well below the R1 million limit impostor in South Africans working abroad. I will be tax returning to SA in March 2019. So, I would like to know wh...
How do we calculate leave days for payment purposes? For example, if someone who has a monthly basic salary of R17933.00 and has carryover leave days of 20. We want to pay out the carryover leave days. The employee works 40hours per week. We also have employees who are working 37.5 hours per week not 40 hours. So, if one worked 37.50 hours per week, with the same basic of R17933.00 and had 20 leave days to be paid, how would you calculate?
I was living in Dubai from March 2014 up until December 2016, I however did not earn any income while living there. I then moved to Namibia, where I am currently employed and getting an income, I am a registered taxpayer in Namibia. Also, I am a registered taxpayer in South Africa because I worked there before moving to Dubai. I've received no income from South Africa since moving out of the country. I'd like to find out if I still need to submit a tax return to SARS?
Is it correct that for private individuals Capital Gains Tax (CGT) is levied on net gain and of that, 40% is taken into account and that amount is added to individual's taxable income for that specific tax year. How does it work for companies or Trusts, is 100% of net CGT taken into account or what?
I currently work as a freelancer and I've just started a business and there's another one coming up soon. Do I need to submit these separately with deductions relating to each business or can I submit them as one? Can income from one stream bankroll and help build up another?
I'm also considering registering for Turnover Tax, but I need some clarity on the above before I go ahead with it.
I have a tax free call account with Standard Bank. I would like to know whether it is possible for me to request that Standard Bank transfers the money that is in the call account to a suspense account at ABSA Bank, from where it will be immediately transferred into a tax free fixed deposit account at ABSA Bank? Will my investment then still be tax free at ABSA Bank? Would I have to cancel the call account at Standard Bank, to ensure that the fixed deposit account at ABSA Bank is tax free?
I work for a multi-national company and I am home based. I would like to find out, when I travel into the office for meetings, can I claim that mileage as business travel? Also, just for interest sake, would it be different if I was a salary earner and I did receive a travel allowance?
I am a first time IRP6 Provisional Taxpayer and I am looking to complete and submit my tax return through TaxTim. Would you be able to assist me with my tax return? I would also like to find out whether Provisional Taxpayers would need to submit documents and other expenses later in tax season again? Also, will I have an opportunity to submit other expenses later if I accidentally leave out something or over estimated on my IRP6 P1. And finally, how accurate does my IRP6 need to be considering t...