It is aleady summarised

  Written by Marc   Posted 22 March 2016

Is south African interest exempted?

Estates Tax Liability on Dealth of Spouse

  Written by Marc   Posted 22 March 2016

My wife and I hold assets in terms of cash at bank and a single main residence. All assets are held in joint names. Should one spouse die can the assets be transferred to the surviving spouse without an estates tax liability. Alternatively is the liability calculated as 20% of the remainder of (50% of the combined assets - 3. 5M Rand tax exemption )

How to calculate the IRP6 and ITR14?

  Written by Nicci   Posted 22 March 2016

My company was registered with CIPC last year in March 2015 and when I went to SARS to submit my ITR14 they say I must register online but before I submit the ITR14 I must firstly submit the IRP6. I would like to know firstly as to how do I calculate my IRP6 and when do I start to calculate since as I said my company was registered last year?

My PAYE deduction is way to high - how do I claim?

  Written by Nicci   Posted 22 March 2016

I have calculated my yearly taxable earnings for the 2015-2016 tax year, and the PAYE deducted each month was significantly higher than needed as I was unemployed for the majority of the year, bar a few months. How do I go about getting this money back? Is the company liable to pay it back to me or must I claim it from SARS (the last month I worked was November 2015, and I started in August 2015).

Meaning of medical aid 4005?

  Written by Nicci   Posted 21 March 2016

What does medical aid source code 4005 mean?

Taxation on foreign sourced pension

  Written by Nicci   Posted 21 March 2016

My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method of retirement would be either on a temporary retirement visa or as a person of independent financial means. I only mention this in case it impacts on my question. My particular interest is understanding how my UK pension income would be taxed in SA. My pension would be derived from a number of sources
1. UK State pension
2. Company pension. All pension is derived from activities not associated with South Africa...

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Should there be a PAYE deduction from my sole proprietor invoice?

  Written by Nicci   Posted 21 March 2016

I operate a sole proprietor providing services to various companies on an "in need" basis on short and medium tem basis. I operate at my client place of business however the latest client has started deducting PAYE from my invoice at a rate of 33. 3% although I am not on a fixed contract and will not derive more than 80% of my annual income from them. Are they entitled to do this and how do I reconcile these deductions as a provisional tax payer?

Tax on package and retirement cash withdrawal under the age of 50

  Written by Nicci   Posted 21 March 2016

I am 40 years old. I have taken the retrenchment package from my company, the amount of R307,000. I also want to withdraw my retirement fund of R714,000 as cash amount and invest in the bank. Can you please inform me what my tax will be on my retrenchment package and my retirement.

Is it the building size or stand size used for home office calculation?

  Written by Nicci   Posted 21 March 2016

I have a home office and I want to know in terms of the calculation for the percentage of the home being for the office is it the entire stand size of the property or just the building size?

SARS, bitcoin wallets and disbursement of BTC funds

  Written by Nicci   Posted 21 March 2016

However, there are a number of issues that I cannot get to grips with regarding the storage of BTC in a wallet and the further use of BTC outside the fiat system:

1) If I moved my BTC to a wallet provider outside of SA (blockchain, based in Luxembourg but servicing globally) does SARS see this as an offshore transaction? as:
a) The wallet provider is not a registered global institution as such. b) No interest is accumulated to this wallet / amount, so no income is generated.
...

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Tax payable on gift from family abroad

  Written by Nicci   Posted 18 March 2016

What are the tax outcome to inherit R500,000. 00 from family abroad and tax outcome if I receive it as a gift?

How does sequestration and outstanding tax work?

  Written by Nicci   Posted 18 March 2016

If you have a voluntary surrender of personal estate (sequestration) and there is a tax amount outstanding is it payable or does it form part of the estate?

Is the tax refund date on statement accurate?

  Written by Nicci   Posted 18 March 2016

My tax statement has a date of refund as 19. 03. 2016 is that the date I will receive the refund into my account

PAYE or Provisional Tax

  Written by Marc   Posted 18 March 2016

I own a small business - registered with CIPC as a private company. I am the sole director of this company and currently get paid a salary by the company. Should I be registered for PAYE, UIF and WCA for the income in the form of the salary or are provisional tax payments sufficient.

Offshore 60 day trip

  Written by Marc   Posted 18 March 2016

I am South African and I work offshore. I know I have to work 183 days offshore in total, with 60 of these being continuous. Would a 60 day trip that falls over February and March 2016 be applicable for the 2016 tax year, or do I have to do another 60 day trip to be tax exempt?

Sole Proprietor - PAYE - IRP5

  Written by Marc   Posted 18 March 2016

If I am a sole proprietor and am registered for PAYE/UIF, as I employ one individual, and have paid PAYE for myself during the 2015-2016 tax year so that I don't get hit with a big Income Tax bill at the end (this is over and above the two provisional tax amounts I have paid) - how do I declare this tax paid on an IRP5? Do I declare an income amount even though my accounts have not been finalized or do I leave the income amount blank but complete the 4102 PAYE code on Easyfile?

Will I receive a penalty if my second provisional tax payment is late, however I make a third top-up

  Written by Nicci   Posted 17 March 2016

Good day, I have not paid my provisional tax that was due on 29 February 2016 due to very little money coming in and low on funds. Will all be in order if I don't pay, but can make the full payment on or before the 3rd optional payment?( September if I am correct)

What to do if SARS penalises me?

  Written by Nicci   Posted 17 March 2016

I was working freelance for 2 companies. My salary was plus minus R15,000 a year. SARS penalised me because I don't fill in forms. They say I owe R10,500. I don't have that money - what can I do?

What is the tax on my incentive bonus?

  Written by Nicci   Posted 17 March 2016

I am going to get R2,400 of incentive bonus and I want to know how much tax is going to be deducted from it.

I have received an ITA88 - what can I do?

  Written by Nicci   Posted 17 March 2016

Hi, I earn under R125,000 a year. I have not filed my tax returns for the past 4 years - recently a huge amount was deducted from my salary (SARS ITA 88) what do I do? Can I get that money back?

Tax rebate for medical aid when not the main member

  Written by Marc   Posted 17 March 2016

I currently am paying medical aid for myself, wife and child however I am not the main member, it is my wife, I currently deposit funds into her account for the deductions. She is currently unemployed and does not claim for tax. This was the only way to come off the company medical aid as they were too expensive

I wanted to know if I can claim this as I am paying for the medical aid just that its not on my name, I am the dependent and she is the main member. Further more we are marri...

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Company tax returns

  Written by Marc   Posted 17 March 2016

How do I calculate my companies tax returns. My company has never worked but it was registered in 2012. Now I need to know what should I do to calculate and get a new tax clearance

Tax relief for Medical Aid

  Written by Marc   Posted 17 March 2016

I only realised this month (March) that I was due a tax (PAYE) relief due to a Medical Aid Fund, which was initiated in July last year. Would it be possible to claim the relief even though the PAYE period is closed?

Certified/Official Proof of Income

  Written by Marc   Posted 17 March 2016

I have applied for financing and as part of the required documentation, I have been asked for certified proof of income in addition to my bank statements (I am self-employed). Would my ITA34 documents be sufficient as proof or would I need to get an official document from my accountants?

Do you get taxed more on the second time you withdraw from a provident fund? Resignation.

  Written by Marc   Posted 17 March 2016

Do you get taxed more on the second time you withdraw from a provident fund? Resignation.
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