FAQ Blog Q&A Calculators Students Logbook Contact
Earn under R500,000?Click here to see why you still need to file to get your Tax Refund.

Provisional Tax Posts in Tax Q&A

Provisional Tax Related Posts - Page 7


Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Business runs at a loss - do I need to submit provisional tax return?

Posted 25 February 2016

Another question - what if the business has run at a loss? It's a medical practice, and turns out many of my claims will only be processed in March 2016 i.e Next tax year. That means my total income for the business so far has been R30 000, with expenses totalling R50 000. Surely I don't have to submit a provisional tax return?

Can you apply for a deferrment or make a payment plan with SARS for provisional tax.

Posted 25 February 2016

Payment plan or deferment for Provisional Tax payers

IRP6: Additional Medical Expense Tax Credit & Taxable Income vs Turnover

Posted 25 February 2016

I've got 2 questions for my IRP6 form for tax year ending Feb 2016:

I am: provisional tax payer; and an individual - no dependents. 1. Is my taxable income the same as my turnover if I don't have any other deductions?

2. Is the amount that I enter into the Additional Medical Expense Tax Credit field literally all the medical expenses that I incurred in the period, which were not covered by Medical Aid?

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

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?

Taking medical aid tax credits into account in provisional tax calculation

Posted 23 February 2016

Hi there, I need some help completing my second provisional tax return. My employer deducts my medical aid tax credits (for myself and a dependent) each month on my payslip. Therefore, on my payslip each month is my gross earnings less my deductions (of which the medical aid tax credit is subtracted from the monthly PAYE amount due). However, at the bottom of my payslip, where it shows total tax paid to date figures, the amount here is the PAYE amount, BEFORE deducting any medical aid tax credit. My question is now when I submit my provisional tax return, do I enter the medical aid tax credits in the section provided for?...

Read more →

What type of tax for self-employed?

Posted 23 February 2016

I am self employed by a british company that pays me directly into my bank account. What tax type do I fall into? I do not earn a large salary.

Am I a provisional tax payer if I am fully employed by a foreign Co but permanently reside in SA?

Posted 22 February 2016

I have taken the test to see if I need to be a provisional taxpayer and it states that I should not. However, I am employed by a London-based organisation and am permanently resident in SA. I get a payslip every month and am on a permanent contract. I dont pay tax in the UK and SARS advised that I should do so as a provisional tax payer. Is this correct?

If I start a small psychology private practice after hours will I need to register for tax?

Posted 22 February 2016

Hi there, I'm starting a psychology private practice to build experience. I am already employed as a psychologist by a company but I want to add to my experience. Would I need to register for additional tax if I only plan to a couple of patients?

Declaration of interest earned on Fixed Deposit investments for tax purposes

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:...

Read more →

Do I include the share scheme portion of my annual bonus for provisional tax purposes?

Posted 19 February 2016

My question is about what to include in 'Turnover' from provisional tax purposes. If my annual bonus is partially cash and partially invested into a company share scheme, do I have to include the full amount in Turnover?

Non retirement funding income

Posted 19 February 2016

If I earn more that R30 000 from non retirement funding income, do I have to register for provisional tax?

ITR 12 or IRP6?

Posted 17 February 2016

First of all I do have a tax number after working for an investment company a couple of years ago. I then resigned there and for the last three to four years not needed to pay tax. Currently I work for myself receiving three to four different income streams. All under my own name from research to maintenance. My question is: I now have to start paying tax again. The taxing income started on 1 Sep 2016, thus the first six months goes to end Feb. Do I need to submit a ITR12 or IRP6? And which pack...

Read more →

Apply RA tax deductible to provisional tax payment or get a refund after the final tax submission

Posted 15 February 2016

I am a provisional tax payer and contributing the maximum allowed deductible to an RA (15% of non-retirement funding income). I would like to know whether I can deduct this from the taxable income myself for the provisional tax payment, meaning I pay less to SARS now and do not get a refund later, or whether I should pay tax on the full income without deducting the RA deductible and then get a refund from SARS later on? If I have a choice, I would prefer not overpaying taxes to SARS and aim for ...

Read more →

Chairperson tax explained

Posted 15 February 2016

Please explain the following to me:
1. The taxation of non-executive chairpersons of small companies earning a monthly amount in directors (Chairperson) fees. (They work full time earning a salary from a different Company. )
2. Should the non-executive chairperson be treated as an employee on the payroll of the small Company whilst working for another company or can it be treated through normal finance department transactions?
3. Should the normal statutory deductions like SDL an...

Read more →

Medical rebates when without medical aid scheme.

Posted 12 February 2016

Provisional tax payer. Over 75. No med aid. What can I claim for medical expenses?

Tax free savings for the unemployed

Posted 9 February 2016

Wife has a hobby she runs from home for an income, not registered with SARS! Is she allowed to open a Tax-free savings account in parallel with me who is registered with SARS and also want to open this account. Thus can we together contribute R60K / year?

LOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY

Posted 9 February 2016

i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa
from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks.

What are the penalties and interests paid for provisional tax?

Posted 8 February 2016

What are the penalties and interests paid for provisional tax?

Medical costs deducted on IRP6 form

Posted 8 February 2016

We have no medical aid, but have dental and optometrist receipts for work done. How can we deduct this when we declare the IRP6 and ITR12?

Unemployment and provisional tax

Posted 8 February 2016

I was unemployed for roughly six months of the 2015/2016 tax year, do I need to submit any proof. Now with the new work I have to pay provisional tax because I work for myself but not as a company, how does this affect tax deductions?

ITA34 - Where's my 'Letter containing further instructions'?

Posted 8 February 2016

After submitting my ITR12, I received an ITA34 in which 'a letter containing further instructions' is mentioned. "Please note, however, that the information provided by you in your income tax return does not match the information in the possession of SARS or your tax return has been selected for verification. Attached you will find a letter containing further instructions for you to resolve this. Please note that any refund which may be due will be withheld pending finalisation of this matter. According to the information you declared in your income tax return, you were liable to pay provisional tax for this year of assessment...

Read more →

Monthly provisional tax payment and foreign exempt income

Posted 7 February 2016

Context: I am paid by a foreign employer in USD and will be processing tax payments in my own capacity. I understand from previous questions that I should register as a Provisional Tax Payer. I have two questions:
1) Is it possible to make monthly payments to SARS instead of at the 2 periods in time? If yes, how?
2) I will likely have to work outside the country for period of 183 days/ 61 days continuously - how do I go about getting the refund/ processing my tax given this?

Tax Free savings accounts for married couples who are both provisional tax payers

Posted 5 February 2016

Hi, My wife and I are married in community of property and are both provisional taxpayers. My wife does not work and I am retired. Our income comes from investments and for tax purposes such income is divided equally between us. My question is with regard to tax free savings accounts. In the circumstances which I have described, are each of us entitled to open tax free savings accounts?

Individual or provisional tax?

Posted 4 February 2016

I'm working as a financial adviser,I earn on commission,which form should I fill in
Individual or Provisional tax?

Query re first time tax for new small unregistered business

Posted 4 February 2016

I left a permanent job and started a freelance design business in July 2015. My Personal income tax for last year is up to date. I need to start paying tax on my business but have no idea how this works. I am using my personal bank account to receive payments from clients for design services. I am not yet breaking even and can barely pay my bills. I am not making a profit yet. I have no idea how tax works. I need help and wondered if signing up to TaxTim would be the way to go? I would need to b...

Read more →
Older posts →← Newer posts    1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20

Blog Categories