Sole Proprietor, Importing and Tax?

  Written by Marc   Posted 10 October 2012

Hi Tim

Hope you can help me as I'm having a hard time finding the correct information.
I would like to start importing small quantities of goods, for resale, into South Africa as a Sole Proprietor. Now as far as I can tell I will need to complete the following forms at SARS to get an Importers Code: DA185 and DA 185.4A1.

Now the thing is I don't have a tax number etc because I've just finished my studies and I'm just starting out as a Sole Trader, and from the looks of it the DA185 form requires that information....

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Do I declare maternity UIF on my tax return?

  Written by Marc   Posted 4 October 2012

Hi Tim, I was on maternity leave for 4 months of the 2012 tax year. During this period my employee paid 75% of my income and the balance I claimed from the labour department. Please could let me know if this will affect how I file for 2012? Are there changes I need to be aware of?

Where do you include amounts

  Written by Marc   Posted 25 September 2012

Where must we include rental income, purchased annuities, exemption of capital portion, tax payers information, RAF S11(n)?

What happens if I've earned foreign income?

  Written by Marc   Posted 25 September 2012

I qualify to have my income classified as foreign income, but am unsure of the disclosure of this on my tax return.

Do I only pay tax for the months I am over the tax bracket?

  Written by Marc   Posted 17 September 2012

I am just starting out a part time photography business from home. My income isn't a set amount each month. Do I only pay tax the months I am over the tax bracket? And do I pay tax on my total income - or only the amount after I pay everything - such as medical aid, insurance, business costs etc.
Also, because this is my only source of income - do I only pay income tax or?

Can I claim the local dividend exemption where I dont have a certificate for them?

  Written by Marc   Posted 17 September 2012

I dont have a certificate for my local dividends. Should I still enter the amount of local dividends I received in the TaxTim questionaire?

What is the tax on child maintenance?

  Written by Marc   Posted 17 September 2012

I am divorced. My ex pays monthly child maintenance for two children. Could you advise whether I have to include this monthly maintenance as part of my income?

Passive income of spouses married in community of property?

  Written by Marc   Posted 17 September 2012

I understand that when one spouse recieves interest or dividends, that it is deemed to have acrrued equally between the spouses married in community of property. When completing the tax return and answering the questions that TaxTim asks you, do you fill in 50% of the interest or dividend that you earn as the other 50% will be taxed in the hands of the spouse, or do you fill in 100% of the interest or dividends?

I have worked and paid tax as I earned until September 2011, since then I have earned an income, how

  Written by Marc   Posted 3 September 2012

This income was payed by a foreign company, but I have not paid tax on this and I'm changing jobs now to a PAYE system again in October. How do I go about determining what I owe SARS?

I receive rental from a bonded property. How do I file the expenses and rental income?

  Written by Marc   Posted 20 August 2012

Are there specific scource codes for the items noted above?

Started freelancing, not paying provisional tax. Can TaxTim help?

  Written by Marc   Posted 20 August 2012

I have being earning some money on the side as a freelancer during this last tax year and I went fulltime freelancing in a personal capacity at the end of 2011.

Will TaxTim be able to guide me with the expenses I can claim as part of operating as a freelancer? SARS is very strict on when certain expenses can be claimed. They seem to only allow expenses when salary is earned on a commission basis.

Who pays and how much tax will be due on gifts given to family? Will there be a donations tax?

  Written by Marc   Posted 20 August 2012

My dad has investments, can he give lump sums to his kids as gifts and who will pay tax and how much? He was told he is not allowed to gift more that R5000.00 a year.

Do I have to pay tax on a property in South Africa I sold, if i am a UK citizen?

  Written by Marc   Posted 11 August 2012

I had a flat in South Africa which I have sold in Oct 2011 & made a capital gain of about R200 000 less fees of approx R70 000, do I need to fill out tax return for yr ending Feb 2012.

How do I go about completing and collating my taxes if I am self employed?

  Written by Marc   Posted 5 August 2012

I resigned from my corporate job in 2009 and became a full-time entertainer. Working when the bookings come in, I earn an irregular income. How do I go about completing my taxes as a self emplyed individual?

Why are there different levels of tax rebates?

  Written by Marc   Posted 30 July 2012

Why are there different levels of rebates, i.e, primary, secondary and tertiary, for natural persons? And what are the effects (on both individuals and companies) of the change from STC to dividends tax?

What is the section 11(n) (retirement annuity fund contributions) deduction?

  Written by Marc   Posted 30 July 2012

Do you think that the current section 11(n) (retirement annuity fund contributions) deductions are sufficient to encourage private saving?

Do you think that the section 10(1)(i) interest exemption should be increased each year?

  Written by Marc   Posted 30 July 2012

Do you think that the section 10(1)(i) interest exemption should be increased each year? Why or why not?

Can you deduct student fees?

  Written by Marc   Posted 26 July 2012

I am a manager currently studying for an accredited MBA which is funded entirely by myself because the company I work for does not have a policy of paying for training and development costs. The MBA is directly related to my work as a manager. I am studying part time and working full time. Can I deduct the student fees, textbooks, stationery and registration costs ? These are sizeable amounts.

Tax season open - What can I claim as a deduction to reduce my tax?

  Written by Marc   Posted 11 July 2012

Salaried employees all over the country are busy filing their tax returns in the hope that perhaps they will be due a refund. For most who earn income from their employer they have already paid their taxes in the form of Pay-As-You-Earn (PAYE), but now what? Although salaried employees are limited, by tax law, as to what they can deduct from their income, there are a few things that can be claimed. Deductions against income reduce ones Taxable Income and thus reduce the amount of tax owing to SARS. The allowable tax deductions are:...

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How do I calculate how much tax I owe?

  Written by Marc   Posted 23 April 2012

TAX PAYABLE is essentially calculated as follows:


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How do I know if I am a tax resident of South Africa?

  Written by Marc   Posted 15 March 2012

A burning question people often ask tax professionals is whether or not they are a tax resident in a certain country. The question is important because it distinguishes between tax residents and tax non-residents – both paying tax in South Africa.

• Tax non-residents are people who do not ordinarily reside in South Africa but do business here and thus pay tax to the SA government ONLY on what they earned from South African sources.

...

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What is Provisional Tax?

  Written by Marc   Posted 6 January 2012

So as we are getting closer to Provisional Tax Season the question on taxpayer’s minds is, do I qualify as a provisional taxpayer? The Income Tax Act sets out specifics as to who qualifies and who doesn’t.

If you are a salaried employee then your employer will deduct a monthly amount and pay it over to SARS on your behalf. You will only have to file one tax return at the end of tax season.

Otherwise you may qualify as a provisional taxpayer and will have to submit a return twice a year...

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