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?

ITR 12 or IRP6?

  Written by Marc   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

  Written by Marc   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

  Written by Marc   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.

  Written by Marc   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

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   Posted 8 February 2016

What are the penalties and interests paid for provisional tax?

Medical costs deducted on IRP6 form

  Written by Marc   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

  Written by Marc   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'?

  Written by Nicci   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

  Written by Marc   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

  Written by Marc   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?

  Written by Marc   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

  Written by Marc   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...

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Do I need to register as a provisional taxpayer?

  Written by Marc   Posted 4 February 2016

I am permanently employed but have recently started a different business on the side as a sole proprietor ( but the "Company" has its own bank account). Please advise whether I need to register as a provisional taxpayer for this business, and if so, do I need an accountant to do the process and claim back any deductions?

What return must I submit?

  Written by Marc   Posted 3 February 2016

I owned a business for portion of the year and made drawings from the business. Then I leased out my business for the remainder of the year and received rental. Do I fill out an ITR12 tax return. If not, what form do I complete?

How do I register tax for a sole trader business as well as a salary?

  Written by Marc   Posted 3 February 2016

I earn a salary of R10 000. 00, My employer submits the paye. I have started a business sole trader in August 2015. Can I register for the business on my current tax number and what do I need to fill in.

I started freelancing 3 motnhs ago, do I need to do my taxes this month?

  Written by Marc   Posted 1 February 2016

I started freelancing 01 November 2015
I was still working until 31 October at a company that was paying my tax for me. Do I need to do my provisional taxes this month (February) or should I wait until August?

As a sole proprietor making less than R350k/year, do I pay income tax?

  Written by Marc   Posted 1 February 2016

Thank you for taking my question. I am a sole proprietor that receives money from a single company for odd jobs around the office. I am not on contract with this company and receive a fixed R15k a month from them into my sole proprietor bank account. I then pay money from the sole proprietor account into my personal account amounting to around R12k-R13k/month. In total, I make less than R350k per annum, will I be liable to pay income tax?

Tax thresholds and married in community of property

  Written by Nicci   Posted 28 January 2016

I am a provisional tax payer 66 yrs of age & married in community of property my income is derived from an annuity & interest from fixed deposits, what is the maximum I can earn before I pay tax.

As the sole employee and director do I have to pay PAYE or can I pay provsional tax bi-annually?

  Written by Nicci   Posted 28 January 2016

I am an independent consultant. I have been operating since June 2015 and have been paying myself a salary and deducting PAYE
I have recently found out that I must be a provisional tax payer as well
Since I have started in June and have not deducted any expenses to arrive at my taxable income, it appears that with 2 months to go I have overpaid my tax significantly
from a cash flow perspective, I will only receive my refund around July/August
Am I able to not pay PAYE for the...

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Which return/s to complete if I have not yet filed a return for 2015 and am a provisional taxpayer?

  Written by Marc   Posted 27 January 2016

I have not competed a tax return for the 2015 tax year. I am registered as a provisional tax payer. I am unsure whether I need to complete two tax returns or one? And which tax returns they would be?

Confusion about claiming expenses

  Written by Marc   Posted 26 January 2016

I earn a monthly income on contract basis from a company, but I also freelance from home. Does this make me a provisional taxpayer and an individual taxpayer?
does this mean I can claim tax back from expenses such as petrol, cell phone and home office space?

Can I submit a tax return with both provisional tax and IRP5 information?

  Written by Marc   Posted 26 January 2016

Hi there! I am a freelancer and earn about R120 000 a year. Some of my clients pay me the exact amount I invoice them, but two of my big corporate clients deduct tax before paying me. Can I include all this information in my first provisional tax return?
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