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Provisional Tax Posts in Tax Q&A

Provisional Tax Related Posts - Page 6



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Capital gains tax on primary residence

Posted 9 March 2016

I want to proceed with Tax Tim to complete my tax return for 2015 as it seems I have a penalty of R 1215. My question is, my tax practitioner did not complete my last tax return and I have managed to gain control of my SARS eFiling and changed my status from a Provisional Tax Payer to Ordinary Tax Payer, do I submit my tax return as a Provisional or Personal Tax Payer. I did not work in 2015, sold my jointly owned property in JHB, moved to CT and bought another property from the proceeds. I have...

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MInor - tax liabilities

Posted 8 March 2016

If I need to register my child (minor) for tax due to interest and or CGT earned from their investment - do I register them as a provisional tax payer or as an individual tax payer? If my child earns less than R 75,000 through interest/CGT do I still need to register them for tax even though they have no tax liability?

The pricing on your website for individual tax - would assume that this is per tax submission?

How to cancel provisional taxpayer registration?

Posted 8 March 2016

How can I deregister as a provisional taxpayer. I was erroneously registered.

How should an online freelancer pay tax?

Posted 8 March 2016

Hi there, I need some advice. I currently work full-time, but will be going freelance from April. I have already started some freelance work on the side, and wanted to know how I should go about paying tax for this? Most of the Freelance work I am doing is on an online website (for countries all around the world) and I transfer the funds into my bank account each month. No tax is taken off of this by the website, so I wanted to find out how I should go about paying tax, would it be a monthly or yearly thing etc? Should I just put money aside for it? I am clueless abut this sort of thing...

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PAYE vs Provisional Tax

Posted 7 March 2016

I have a permanent job which caters for roughly 65% (660k) of my total gross income the other 35% (335k) is obtained by a business I run. Should I apply for provision tax and should my company be paying PAYE for me or should I be paying two payments as a provisional tax payer? How do I go about this if it is the case?

How do I complete my provisional income tax form

Posted 3 March 2016

How do I complete my provisional tax form

How to deal with long overdue tax returns

Posted 3 March 2016

I am a B&B owner and have not submitted tax returns for about 6 years.. What should I do? I also had a job last year for extra income, how will this be treated by SARS as I am a sole proprietor.

Are training courses and related travel expenses tax deductable?

Posted 1 March 2016

Hi Tim,
I am a provisional tax payer in the health sector- I am not salaried and work for myself. Am I able to claim back on fees for training courses and the travel costs(flights, car rental)?

Secondly, I occasionally rent out my flat and wondered if this money is declared regardless of the rent earned or if there is a minimum amount from which earnings should be declared. Thanks!

Small business

Posted 1 March 2016

I run a small business from home and make about R40 000. 00 a year. I only pay insurance and maybe cell. So what is my draw for provisional tax. And how much tax would business pay.

Does loan repayment affect tax calculation?

Posted 1 March 2016

When calculating provisional tax, must your repayment on loan be deducted from the taxable amount?

Which package do I select for your service?

Posted 1 March 2016

To use your service, I need to identify as either provisional or individual. I haven't yet registered as a provisional taxpayer on SARS (I'm meant to do that now), and have been earning income for about six months now, as a freelancer. If I want to use your service, do I select the provisional tax payer package, or do I have to officially register as a prov. Tax payer over SARS eFiling first?

First time freelance consultant from January 2016 - do I register for provisional tax?

Posted 1 March 2016

I just started as freelance consultant in Jan 2016. I am not sure how much I will earn as it all depends on if I get clients. Do I register for provisional tax? From reading your articles seem I fall in the 2nd payment what do I do? SARS assumes taxpayer will be able to pay upfront?

When do I pay provisional tax per IRP6?

Posted 1 March 2016

I have filed my IRP6 form via SARS eFiling,
Should I pay the amount payable now or should I wait for SARS to accept the form I filed?

Submitting and IRP5 and Provisional Tax

Posted 29 February 2016

A company I was working for closed down in March last year and I started freelancing sometime after that and now need to pay provisional tax, but what happens with the IRP5 that was generated for me? Do I still submit that even though I'm submitting for provisional?

How to handle Rental Income when married in community of property?

Posted 28 February 2016

Hi, my wife and I are married in community of property. We own a few residential flats that we rent out for extra income. When it is time to complete our annual tax return and we each fill in details of extra Income on the tax return, must we EACH declare the FULL income from the rentals OR must we EACH split it in HALF and declare that OR must we say we are in 50% partnership on the form where it allows for that? In the tax return it does ask how we are married so does SARS automatically split ...

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Questions on provisional tax

Posted 26 February 2016

A second provisional tax payment should be made end of Feb of each year. Why would SARS effectively require individuals to submit a tax return before the last day of the financial year (28 Feb) when business related expenses and income might still happen?

Apart from wanting to know why this implementation, I also want to know how does the differences gets eventually settled when you do still have income or expences after you have filed late in Feb?

Do I include a provident fund payout (on resignation) in my taxable income on the IRP6 return?

Posted 26 February 2016

Do I include a provident fund payout (on resignation) in my taxable income on the IRP6 tax return?

SARS Exchange rate tables

Posted 26 February 2016

I am completing my IRP6 and I am earning a slary in GBP. Which table should I use? Table A or B?

http://www. SARS. Gov. Za/Legal/Legal-Publications/Pages/Average-Exchange-Rates. Aspx

Thank you!

Where should I declare my freelance income?

Posted 26 February 2016

I am an employee, but also a Sole Proprietor. I am an artist. My business is not officially registered yet, but I have been trading for some time now. Do I need to declare the income I earned through freelance work in the same ITR12 that contains the information I received from the IRP5 from my employer, or would I need to declare the freelance income in some other form?

Disclosing interest on the IRP6

Posted 26 February 2016

If a taxpayer earns 130,000 interest in the year, does he disclose the entire amount in the taxable income section of the IRP6 or just the portion of the interest income that is taxable. I,e 130,000 less R34500 exempt portoin. I see the form only deducts the primary rebate.

Does a 45-day old business still need to submit a provisional tax return?

Posted 26 February 2016

I am a salaried employee, but since the middle of January 2016 I have been running a business. It's been expensive to set up, and business is slow - I've turned over R50K max and have about R40K of expenses. Do I need to submit a provisional tax return now, or can I carry that amount over and declare it later in the 2017 provisional tax year?

Should I register for IRP6 or IRP3?

Posted 26 February 2016

I found two forms on the SARS site, IRP3 which states it's meant for freelance artists and IRP6 for provisional tax. I'm a freelance artist so should I fill in and resister for IRP6 or IRP3 or both?

Do I need to complete an IRP6?

Posted 26 February 2016

You sent me a reminder to file my IRP6 Provisional Tax Return for 2016 however, I'm not sure whether I am still a Provisional Tax payer?

I did freelance work until Feb 2015, and from March 2016 I've been employed, paying PAYE through my employer. I haven't earned any additional income. Do I still need to complete an IRP6 as a Provisional Tax payer?

Freelance work while paying PAYE

Posted 26 February 2016

I currently earn a salary and pay PAYE tax. I also take on occasional freelance work which isn't consistent amounts. What's the best way to be tax compliant?

Can invoicing several clients constitute a salary and not trade?

Posted 26 February 2016

I privately tutor pupils at their homes and invoice several clients for this service. One of them pays me a monthly salary (but pays nothing to SARS) based on monthly invoices and the rest I invoice by the hour. Can I declare all of this as a single salary and pay it with my ITR12 or do I need to register as a provisional taxpayer?

I changed from being employed (normal IRP5 scenario) to self-employed during the last financial year so I am not yet registered for provisional tax
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Blog Categories


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started