I need clarity on what is viewed as non-retirement income for purposes of the 27,5% calculation.

  Written by Nicci   Posted 29 February 2016

As pensioner, my annual pension amounts to R784 672, in addition I receive taxable interest of R18 000 and tax free interest of R115 200 as well as a consultation fee income of R100 000. I want to invest the maximum of 27,5% in a retirement annuity. How much can I annually invest in a retirement annuity?

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

  Written by Nicci   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

  Written by Nicci   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?

Disclosing interest on the IRP6

  Written by Marc   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.

What are taxable items?

  Written by Marc   Posted 26 February 2016

What are taxable items

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

  Written by Marc   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?

Do I need to complete an IRP6?

  Written by Marc   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?

Tax deduction on provident fund

  Written by Nicci   Posted 25 February 2016

What will my payout be on the following for my provident fund when I resign. I am not retirement age yet ( 52 years old ). On resignation from the SATU provident fund you are taxed on the full employer share and interest earned on the member share. (not on the member contributions)
My member contributions amounted to R170,585. 44. My current statement shows member and Employer share:

Member share Employer share Total share
R706,779. 50 R689,136....

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Donations tax on member's interest

  Written by Nicci   Posted 25 February 2016

Must I pay donations tax if I donate 49% of my members interest in a CC?

Is interest income taxable?

  Written by Nicci   Posted 25 February 2016



I have a money market account. Is the interest taxable?

No tax returns since 2010?

  Written by Marc   Posted 25 February 2016

My husband still owes his 2010 tax return to SARS. His employer never furnished him with a IRP5 and also never paid over his tax for that year or supply him with a payslip. Up to today he did not supply him with an IRP5 and I am worrying myself sick about the penalties and stuff. What must he do? Will they keep my husband accountable for that money? Thx this is a great website. Wish I knew about it earlier! Will definitely do my tax return via you.

The dates to submit irp5 forms for 2015 if not submited last year

  Written by Marc   Posted 25 February 2016

I didn't submit my IRP5 form last year 2015. I need to know when can I submit it this year. Like when is the closing date. And if I don't submit IRP5 forms how will this affect me.

Loans on my tax return?

  Written by Marc   Posted 24 February 2016

Do I need to reflect loans and repayments when capture income and expenses?

How much of a capital gain should I be including for provisional tax?

  Written by Marc   Posted 24 February 2016

IRP6 2016-02: My income is trading income reflected through an IRP5. This year there is also a capital gain. On e-filing form I have to add the capital gain and fill in the total under "estimated taxable income". But then the full amount is taxed at my marginal income tax rate. How much of a capital gain should I be including in "estimated taxable income" for provisional tax?

Exempt amount of interest

  Written by Nicci   Posted 23 February 2016

What is the Interest exempt amount for year ended Feb 2016.

is a marriage by muslim rites included in the definition of a spouse regarding donations tax?

  Written by Nicci   Posted 23 February 2016

What should I select for marital status when filing tax return, religious marriage (married by muslim rites) usually muslim marriages are ANC however we have not yet registered our marriage?
Will my husband be expected to pay donations tax on cash he transferred to me for safe keeping? For tax purposes are we considered to fall within the definition of spouse and as such not be liable for donations tax?

Example: Husband transfer R500 000. 00 of his savings to wife married in accordance with muslim rites, wife invests the money with a Bank and earns interest on it...

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Donation tax between spouses

  Written by Marc   Posted 23 February 2016

I receive a government pension, interest from investment and income from consultation work. My total income put me in the maximum bracket of the tax tables. My wife receive rental income of less than R10000 a month and pays very little income tax. I am 64 and my wife 60. May I donate an amount of my investment money to my wife (which she will invest). What is the maximum amount that I may donate to her, do I pay tax on the donation and must I declare the donation to SARS? (I struggle with the in...

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Wrong tax reference number on my IRP5

  Written by Nicci   Posted 23 February 2016

When I was preparing to submit my tax return I realized my tax reference number on my IRP5 was incorrect and its my first time submitting a Tax tax return, the IRP5 is from a previous employer and they are refusing to change the tax number on my IRP5 and SARS is charging me penalties for non submission.

How soon can you submit my returns after I upload it on Taxtim?

  Written by Nicci   Posted 22 February 2016

A few minutes ago I just submitted my 2013-2014 tax returns on your system. This is already overdue and I am facing penalties. How soon can you submit and what other information do you need me to provide you with?

Declaration of interest earned on Fixed Deposit investments for tax purposes

  Written by Nicci   Posted 22 February 2016

Good Day, my question relates to the declaration of interest accrued (but not necessarily paid) on Fixed Deposit investments for income tax purposes. I am a provisional tax payer and prefer to pay the tax in the tax year in which the interest is earned. For example, if I start a 24 month fixed deposit on 1st January 2016, maturing 31st December 2017, interest (simple) payable at maturity then is it permissible to declare the interest as follows assuming for simplicity that interest accrues at R100. 00 per day:...

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Private company that does not pay tax and never register for tax what are the penalties?

  Written by Nicci   Posted 19 February 2016

Private company that does not pay tax and never register for tax what are the pelnaties

What penalties will I incur if I do not pay my donations tax within the three month deadline?

  Written by Nicci   Posted 18 February 2016

What penalties will I incur if I do not pay my donations tax within the three month deadline? Is there a way around incurring any penalties if I was not aware of this deadline?

Treatment of rental loss and living expenses while studying

  Written by Nicci   Posted 18 February 2016

From Sep '14 to Oct '15 I temporarily left the employ of my company to study my MBA full time overseas. During this time I rented my primary residence in South Africa out. (a) Am I able to deduct the losses on the rental of my primary property (rent - levies - interest on bond - rates) from my taxable income?

(b) During the time I was away, I had to make use of savings to pay for living expenses (food, necessities, partial travel expenses, but NOT tuition, textbooks, accommodation, vi...

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Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

  Written by Nicci   Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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Should I provide SARS with an affidavit if the requested documentation is unavailable?

  Written by Marc   Posted 13 February 2016

My previous employer refuses to provide me with my 2013 IRP5, which resulted into me paying an penalty amount. I was told that I should provide SARS with an sworn affidavit to prove that one cannot produce the document they requested. Is that true? I would also like to know if you provide SARS with the affidavit, do you still need to pay the penalty amount?
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