Provisional tax or starting a CC?

  Written by Marc   Posted 4 December 2015

I am currently employed by a company and earn a fixed monthly salary. I have however started manufacturing and selling goods in my private capacity, completely separate from my company. A typical order would be to the value of R20 000 (turnover), with a total cost-of-sale of R10 000, leaving me with R10 000 profit. I can receiver anywhere from three to twenty orders in a year, with no guarantee of regularity. I have two questions:

1. Do I need to register as a provisional tax payer, or would it be more tax-efficient to register as a sole proprietor or a cc, taking into account the administrative time and costs (paying an accountant etc. )?...

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Closing date 2015 ?

  Written by Marc   Posted 3 December 2015

Closing date 2015

Multiple IRP6 payments for a specific provisional tax period submission

  Written by Marc   Posted 3 December 2015

Is it advisable or unadvisable to make multiple payments on a specific IRP6 for a specific provisional tax period? I have underestimated my income for a specific period, and have already made a payment for the period concerned (this was due to a CG event as a result of a unit trust switch). I'm concerned that SARS will only allocate one of the payments to the provisional tax period in question, and that I may have problems getting additional payments I make allocated to my account.

Bank particulars

  Written by Marc   Posted 3 December 2015

May I have the bank details for SARS? I am in KwaZulu-Natal

Interest - file an objection or request a correction

  Written by Marc   Posted 3 December 2015

I have been requested to submit additional documents. Turns out that I hadn't included the interest earned (I wasn't aware that I had to do this)
After getting the certificates and checking I noticed there is a R200 difference on the amounts their assessment had and the total on the certificate. When I called SARS and spoke to the consultant she said I had to fill out an objection and submit with the documents. I started with that but noticed that the request a correction button is active. ...

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Can I claim back on disability for my child attending a remedial school?

  Written by Marc   Posted 3 December 2015

My child attends a remedial school which was recommended by a psychologist. Can I claim back on these fees as a disability?

How do I fill in my tax return for income received for local service from foreign employer

  Written by Marc   Posted 3 December 2015

I worked on a local project for an international aid organisation. I did not receive an IRP5. I was paid from an international account. How do I file this income on my tax return?

Document/records storage

  Written by Marc   Posted 3 December 2015

If I change to SARS eFiling with your assistance, where would my tax records be stored. & who stores them -- SARS, Myself, Tax Tim??

What is the tax bracket?

  Written by Marc   Posted 2 December 2015

If I earn R6100 per month do I have to pay tax?

Closing date ITR12

  Written by Marc   Posted 2 December 2015

What is the closing date for submitting the ITR12's

SARS Tax return dispute

  Written by Marc   Posted 2 December 2015

Good Day, I have submitted my tax return and I had some of the information incorrectly filled in. I need help with submitting correctly and I believe I've been making the same mistake over the years which resulted in me not getting anything back and I earn less that R350 000 yearly. Can you guys help me?

Capital Gains Tax on foreign shares

  Written by Marc   Posted 2 December 2015

Hi guys, I have a Dutch client. He moved here and bought a home in 2012. He had foreign (FTSE and S&P) shares which he has just sold for a small profit. My understanding is that he would not be subject to CGT as he has not been considered "resident" via both Ordinarily Resident and Physical Residence yet. Can you clarify pls??

What would be the amount of tax we would have to pay and why.

  Written by Marc   Posted 2 December 2015

Bought vacant land contract dated 5th October 2001 in a cc, for R87764. 00, became the members on 7th January 2002, what would the tax implications be if I sell this property now at R1 000 000.

Loan to Company to purchase goods

  Written by Marc   Posted 2 December 2015

I have a EME business and from time to time I use my private bank account to purchase items for orders I receive. When I then get paid by the customer I just transfer the money I loaned to the Business beck to my private account. Is that acceptable to SARS and what records must I keep?

Cap on non-taxable pension fund lump sum withdrawal

  Written by Marc   Posted 2 December 2015

In the past tax year I worked for 3 companies. Got paid pension fund by 2 of those companies with total pension fund being below R20k
On the IRP5 from the company that paid outthe Pension fund there's a code 4 which I thought it meant this amount was not taxable( I understand it as meaning this amount will not add on to what I owe SARS). Submitted my tax returns and the SARS assesment has included the pension fund lump sum payment as what I owe SARS. Please advice if this is correct

Tax benefits when not earning income the entire taxyear

  Written by Marc   Posted 2 December 2015

Hi I am born in SA and moved abroad 25 years ago. I will be living and working in SA for the next 2 years. My start date is flexible. I believe the income tax year is from March 1st. 1. Are there any tax benefits if I work a part of the first year ( so not the entire tax year?). 2. Are there any tax benefits if I work a part of the last year ( so not the entire tax year?).

Med Aid claims

  Written by Marc   Posted 2 December 2015

I am 74 years old. What out of my own pocket medical expenses can I claim?

Payment Periods

  Written by Marc   Posted 2 December 2015

With regard to Provisional Tax:When SARS refers to the periods 2016-01 and 2016-02 (see below) is SARS referring to the months i. E 2016-01 = January and 2016-02 as being February or are they referring to the two payment periods for Provisional Tax being February and August? Could you please explain. 5. 3 Provisional Tax Returns can only be requested for periods that fall within:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...

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Tax for a full time student employed full time.

  Written by Marc   Posted 1 December 2015

Hello Tim,
If I earn R8000 per month and are registered as a full time student but also employed full time and at a permanent post at my employer what will my tax be per month?

Does provisional income/ capital gains count towards income iro RA contributions?

  Written by Marc   Posted 1 December 2015

I own a business and I draw a standard non- pensionable salary of R1 440 000 (120K p/m). I pay R360k (30k p/m)to an RA. Which means I actually don't earn enough to achieve the max tax destructibility for my RA. However this year for the first time I have other income from share sales (my share trading G&L statement currently reflects a gain of 264K). Will this income add to the non-pensionable salary above and thereby reduce the disallowed portion of the RA Contribution?

How do I create a SARS efiling form for outstanding 2009 tax year?

  Written by Marc   Posted 1 December 2015

Upon filing my husband's tax returns for 2015, they asked for supporting documents (same as 2014) which I then submitted. After waiting for 2 weeks, I contacted SARS and they informed me that his tax return of 2009 had never been filed. He had a stroke in 2009 and after attempting to file his tax return unsuccessfully several times and not being able to get through to SARS, I presumed that it had been filed. Now 6 years later (after issuing a tax certificate of comliance earlier this year) they ...

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Will I be penalized for not filling in a tax return for last year and this current year

  Written by Marc   Posted 1 December 2015

I have been working for 2 years now, I started 3 December 2013 and I never filled in a tax return before. I only became a permanent employee 1 April 2015 and only then started contributing towards a medical aid and pension fund. I have missed the 27/11/2015 tax return deadline. I am not sure how this whole process works. Will I be penalized for not filling in a tax return for last year and this current year. I will be more than happy to pay for your services. Regards

Medical rebate not given by SARS

  Written by Marc   Posted 1 December 2015

My company paid medical premium for me for the period 1st Mar 2014 to Feb 2015. For first half of the year it was with one medical vendor and then for the second year it was with a another medical vendor. I filed my IT tax returns on time. I got an additional assessment wherein SARS has not taken one medical vendor and I stand to lose out around R5000. How should I dispute and in the notice of objection form where do I fill the exact details as it is asking for source code?

Why is it taking so long to receive the pay out, is there something I missed ?

  Written by Marc   Posted 1 December 2015

I submitted my tax return via SARS eFiling and received the ITA34 - and notifications saying that SARS owes me. I submitted the tax return on the 25th. People have been saying it takes between 2-3 days to receive a pay out and SARS sends a sms or email to say when the money will be paid. How come I have not heard anything yet?

They wanted. My irp 5 for 2011

  Written by Marc   Posted 1 December 2015

SARS told me yesterday that I did not submit IRP5 for 2011, I have a copy, how do I submit it to them
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