provisional tax on a Pty and small company

  Written by Alicia   Posted 21 April 2016

I have just opened a PTY. I do not know what my turnover will be. It might be between R 500 - R 400 000 per annum. 1) Do I need to register for provisional tax and when?
2) How do I calculate provisional tax
3) would I fall under SBC or company for tax purposes?
4) what is directors tax and do I need to pay it?

the company is very simple... I have one supplier. I have no extra expenses. I have no assets. I have no employees and I am the only director. Thank you

TaxRefund

  Written by Alicia   Posted 21 April 2016

I wanted to knw if a contract worker is allowed to claim a tax return?or isn't claimed by the people who's bt working

Tax implications on money earned from Foreign employment income

  Written by Alicia   Posted 20 April 2016

I'm a South African with dual nationality (British). I send money to SA every month to pay off debt and to pay off my house in the Western Cape. Will there be a tax implication for this? I will eventually tax return to SA in about 5 years. The reason is set up as house hold bills. Should I use something else?
The money goes from my account here to my account there. Thanks

filing season dates

  Written by Alicia   Posted 20 April 2016

When is the first tax return date and when is the closing date?

How much will my PAYE be and am I due for a tax refund?

  Written by Alicia   Posted 20 April 2016

I earn 12000 a month which calculates to 124 000 per year. What is my total taxes and what is the amount of my tax return if I am eligible for a tax return pay out and can my employer file my tax tax returns on my behalf

Tax paying Freelance Artist / Independent Contractor

  Written by Alicia   Posted 20 April 2016

I am a freelance artist, I want to work fulltime for myself, but can't be certain how much I will make or whether I would make any money at all. I am married in community of property. My husband is lucky enough to have an employer that takes care of his submission every year. I need to ask whether I should add my income to his submission or whether I should have my own tax number. I tried to enlighten myself by reading the Tax website,, but it's all greek to me, I can't seem to figure it out. I ...

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I would like to know how can I get my tax refund

  Written by Nicci   Posted 19 April 2016

I would like to know if it is possible that I can be able to get a tax refund after retrenchment.

Tax refund on retail slips

  Written by Nicci   Posted 19 April 2016

How much tax refund would I get if I submit retail slips amounting to R10 000?

How is online income in foreign currencies taxed locally?

  Written by Alicia   Posted 19 April 2016

Hi. I'd like to know how online generated income is taxed. I am a South African resident currently in the process of generating income in foreign currencies ( US dollar and the Euro). I do not want to break any tax laws, please assist me.

PAYE on Road Accident Fund pay outs

  Written by Alicia   Posted 19 April 2016

One of our employees who earns approximately R57000 a year has received a pay out from the Road Accident Fund of R217657 for an accident he was involved in. He wants to know what the tax implications are on the amounts so that he can put aside funds for the end of this tax year.

Selling an asset what is the capital gain tax implication

  Written by Alicia   Posted 18 April 2016

Selling a property that we live in

Are consulting fees with regards to a share sale agreement deductible?

  Written by Nicci   Posted 18 April 2016

Are consulting fees incurred for the acquisition of 75% equity shares in company deductible?

How to reflect the employer medical aid subsidy

  Written by Nicci   Posted 18 April 2016

Kindly advise if I have a medical aid and it is paid from my salary by my employer, whether the employer subsidy can be added with the medical tax credits under code 4116?

Maximum amount allowed to loan out

  Written by Nicci   Posted 18 April 2016

Is there a maximum amount of money I can loan out to friends and family? Can I loan out R2 mil without having some kind of license?
Someone told me that you can only ever loan out R500 000 at a time, being broken up into maximum of 100 loans. I have loaned out more than R500 000, so I need to know if I am in the wrong here and what I can do to fix it.

Turnover Tax registration

  Written by Nicci   Posted 18 April 2016

Can I register for turnover tax if I write and sell my own CRM software program. My turnover would be under R700,000 p. a. I would be the 'manufacturer' of my product.

Updating details with SARS

  Written by Nicci   Posted 18 April 2016

Do I have to renew my tax reference number if any of my details have changed?

Interest on tax refund

  Written by Nicci   Posted 18 April 2016

My tax assessment SARS did not split my rental income 50% as I am married in community of property as was indicated on my tax return, Lodged an objection, but it took so long that I had to pay the incorrect amount in, it was R126,000. My objection was allowed and SARS paid me back the R126,000. But they had this money for 2 months and did not pay me any interest. Should they not pay me interest?, it was there mistake.

What is the tax on provident fund withdrawal?

  Written by Nicci   Posted 18 April 2016

I applied for providend fund withdrawal of R66,000 on the 25th of Jan 2016. How much will I receive, after tax is being deducted?

Capital Gains Tax on shares sold from a deceased estate

  Written by Nicci   Posted 15 April 2016

Does a capital gain on shares sold from a deceased estate after the death of the deceased get taxed?

Tax deductions on R6,300 per month

  Written by Nicci   Posted 15 April 2016

I am earning R6,300 per month and I have notice that there is a deduction of PAYE and my employer never told me about it. Is this legal for him to deduct without my knowledge?

How much qualifies me to pay PAYE?

Thanks

How to calculate the Doubtful Debts allowance

  Written by Nicci   Posted 15 April 2016

If provision for doubtful debts balance in 2015 was R120,000 (2014: R60,000) relating to a specific debtor. In 2014 income tax return the taxpayer claimed a doubtful debt allowance of R15,000. What is the income tax adjustment in 2015?

Tax returns

  Written by Alicia   Posted 15 April 2016

When can I submit my tax returns for the year 2015/2016?

Taxable amount on R1 950 000 pension lump sum

  Written by Alicia   Posted 15 April 2016

My pension when I resign is R1 950 000. How much tax I'm going to pay?

Individual tax registration for citizen abroad

  Written by Nicci   Posted 15 April 2016

I haven't officially emigrated but live in the UK and have subsequently discovered that I am not registered for tax in SA. This has implications for my my investments over there - is it possible as an individual to register as a tax payer without actually living in SA? It is my intention to register as a tax payer, announce that I am emigrating to obtain non-resident status allowing me to financially emigrate.

What is the tax on interest earned for a non-resident?

  Written by Nicci   Posted 15 April 2016

I am currently living outside of South Africa. Am I able to deposit money with a South African bank and at what rate will my interest earnings be taxed at? Am I able to withdraw the money easily again from South Africa?
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