Micro Business Financial year end

  Written by Marc   Posted 22 February 2016

Please confirm that a micro business registered for turnover tax must have a financial year end on 28/29 Feb.

Provisional tax for the year

  Written by Marc   Posted 22 February 2016

I didn't submit a provisional tax return in Aug 2015 because I thought I would be below the threshold but I am actually above the threshold for the 2016 tax year. Should I now submit one at 29 feb 2016 and are these numbers based on actual income and expenses or an estimate for the 2016 tax year

Can I claim back tax on a retention bonus?

  Written by Marc   Posted 22 February 2016

I was paid a retention bonus and I'm leaving the employer before the retention period. This means I now need to pay back the bonus amount. The company is deducting the bonus from my salary and leave days payout. Can I claim back the tax for the retention bonus? How do I do this?

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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How can I get an ITA34 as soon as possible?

  Written by Nicci   Posted 22 February 2016

Hi Tim. Im trying to buy a property by taking out a mortgage bond. The agent has told me that they need an ITA34 from SARS so the process can continue. I have no idea what this is as my employer is responsible for my tax issues. I have never done a tax return before neither do I know if my employer has been paying for my PAYE. Please help.

Tax on Foreign Pension

  Written by Nicci   Posted 22 February 2016

Hello Tim, I am working outside of South Africa and for a US based company. I am more than half the year outside SA and one stint is more tham 60 Days. I have money in france which was part of a pension/savings plan from my previous employer. I paid 6 percent and they paid 6 percent each month. I want to bring this money back into SA, what do I have to declare? As all of this money were part of my salary that was invested while working abroad. All of it was invested in stocks.

Is my previous company suppose to apply for a tax directive on retrenchment?

  Written by Nicci   Posted 19 February 2016

I was retrenched last year July (2015) Once I had received my notice and my retrenchment package I noticed that they had taxed me on my retrenchment package. I asked the Payroll/HR department if they had applied for a tax directive to which they replied that it was not necessary. I told them that as far as my understanding went it was necessary to determine how much tax I should pay if any.

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

  Written by Nicci   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

  Written by Nicci   Posted 19 February 2016

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

Fuel Reimbursement

  Written by Nicci   Posted 19 February 2016

What tax code must be used when a company reimburses fuel only and business km's exceeds 8000km per annum. There is no refunds for wear and tear, repairs and maintenance or insurance. At present the code on the IRP5 is 3702, is this correct?

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

Will you be liable to pay capital gains tax if you bought a vehicle and sold it for a profit?

  Written by Nicci   Posted 19 February 2016

I have bought a second hand car for an amount of R168000 in cash, 3 months later I decided to sell the car as it is not being used often for an amount of R215000. Will I be liable for capital gains tax on this?

SARS Payout

  Written by Nicci   Posted 19 February 2016

I owed SARS money (Statement of Account Period: 2015/07/28 To 2016/01/28), I submitted a dispute, and the following is now showing. SARS Status: Please note that your tax return cannot be processed immediately due to an outstanding Tax Directive. Therefore, manual intervention is required. SARS will advise you as soon as your tax return has been assessed 2016/01/28. When I followed up this is the newest update:
NOTICE OF ASSESSMENT: REDUCED ASSESSMENT 2016/02/15. The amount stated here is a negative amount/ amount with a minus infront. Do they deducted this amount from the amount I owned them, or do they owe me this amount?...

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Does a church/ free association pay tax on tithes & offerings?

  Written by Nicci   Posted 19 February 2016

We are a small non-denominational church and are registered as an NPO. The cost of auditing and maintaining the NPO status, has become too much. We want to de-register, but was told that we will then have to pay tax on the tithes and offerings made to the church. Is this so?

Capital gains tax on shares sold and reinvested

  Written by Nicci   Posted 19 February 2016

I sit with a case where a person sold shares of an equity portfolio and re-invested the amount into another investment plan fund. Is the person liable to pay capital gains tax on the portfolio sold?

2014 return not submitted

  Written by Nicci   Posted 19 February 2016

Tax Tim did my 2014 tax return, for which I paid, but I have been told by SARS they it is still outstanding

Denise Hunter
ID 5603170821082

If e.g. an amount of R1.2m is withdrawn from pension is the R203400 added to the last tax portion?

  Written by Marc   Posted 19 February 2016

What does R203 400 36% mean in the pension withdrawal tax table?

Tax question on medical aid and correction for SARS

  Written by Marc   Posted 19 February 2016

I've just got back and seen the email from SARS. I have a few questions. 1. I made a mistake on the foreign Income, as it was through the business and not my personal account. I was busy doing my business accounts while filling in my personal tax and got confused. 2. My medical aid was paid by my previous employer. They forgot to cancel my medical aid and have asked me to pay them back for that year. I received a tax certificate from my medical aid so do I still qualify to claim tax from that?

Ring fencing of assessed loss

  Written by Marc   Posted 18 February 2016

I sold a property during the 2015 year of assessment and made a significant capital gain. I also claimed an assessed loss deduction on the same property for rental losses (finance charges, levies etc) against my other income up to the date the property was sold. SARS ring fenced this loss as my total taxable income falls in the highest tax bracket. However this is only as a result of the significant capital gain I made on the same property I claimed the loss on. Is there a provision in the act t...

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How to get a tax number if unemployed?

  Written by Nicci   Posted 18 February 2016

Hi there, my mom has not worked in 7 years and her partner has passed away. She is due a payout from the accident fund at his employer. They are insisting she needs a tax number to process any payment to her. How do you register to get a tax number when you have no income or job?

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?

Would there be donations tax payable on a cash payment received from a non-resident?

  Written by Marc   Posted 18 February 2016

Would there be donations tax payable on a cash payment received from a non-resident, living in the US?
Would the South African receiver of the cash be taxed?

What is the % of tax deductable from a pension payout due to divorce

  Written by Marc   Posted 18 February 2016

I am getting divorced and am expecting a lump sum pay out from my ex husband's pension plan, the total amount is R315190. 92( I will be receiving half of it), please advise how much I would be receiving back giving tax deductions.

Does C.G.T. apply to the sale of offshore assets held by someone living in SA?

  Written by Marc   Posted 18 February 2016

Does C. G. T. Apply to the sale off shore assets held by someone who is a permanent SA resident but not a SA citizen?

What are the tax implications of share options?

  Written by Nicci   Posted 18 February 2016

I have an opportunity to exercise options for an unlisted, US-based company. The purchase value of the options will be around $5400 International holding tax of about $4881. 53 so I need to understand what would be expected in terms of a SARS payment. I plan to hold on to the shares.
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