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
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?...
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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:...
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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...
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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 ...
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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...
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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...
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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?
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