How much tax for my bonus

  Written by Marc   Posted 16 November 2015

If I'm getting a bonus at the end of the year that is on December from my company I'm working. How is my bonus tax calculated. Like my monthly gross is R7042. 35. And my bonus is same amount as my net salary R6809. 05. How my bonus be taxed?

Where do I get my tax directive?

  Written by Marc   Posted 16 November 2015

I got an IT34 notice. My tax status shows I need manual interference from SARS as they need a tax directive for the lump sum paid to me from a retirement fund. I received one IRP5 from my employer which includes my year's salary income as well as the retirement money. What happens now? Who is responsible for getting the tax directive? Shouldn't the retirement fund paid me directly and issued their own IRP5 to me?

Payment periods for Provisional Tax

  Written by Marc   Posted 16 November 2015

Re: 2015 - Provisional Tax Payer
If I make payment of my first provisional for the tax year 2015 then this would need to be submitted by the end of August 2015 - the second provisional payment to made by end of February 2016. Should I need to make a top up this would be made before the end of September 2016 and the final ITR12 would then be made before the end of January 2017 - is this correct?

Subsistence allowance claim

  Written by Marc   Posted 16 November 2015

My employer gave me a subsistence allowance for local travel. But they have shown it under Code 3713 (other allowances) instead of under the subsistence allowance code. The subsistence allowance field on the tax return is greyed out and so is the other allowances field. How do I claim my expenses?

Source codes 4201 & 4250

  Written by Marc   Posted 16 November 2015

Which section do you enter income source code 4201 & 4250? I have investments at RSA Retails Bonds and Satrix. I didn't see anywhere to enter it.

If I started working full time in March 2015, when am I required to complete a tax return?

  Written by Marc   Posted 16 November 2015

If I started working full time in March 2015, when am I required to complete a tax return?

Timeframe on Verification and Auditing?

  Written by Marc   Posted 16 November 2015

Hi there, I submitted my tax 2015 to my registered tax practitioners. I was told that SARS wanted verification on all supporting documents. I was further told that it would take up 3 months for SARS to verify the info. How is it possible that usually verification takes a 'quick look' and auditing takes 3 months? It sounds that I wax misinformed that verification should not take more than three months. If it were more than 3 months, then does it look like verification stage or auditing?

If verification was supposed to be a quick check, and there is a hold up on it - what is the likely cause to the delay of the refund?...

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Sale of property - sale resolution

  Written by Marc   Posted 16 November 2015

My property was sold in November 2014, but the proceeds only entered my account in March (if I remember correctly). Do I then need to note it on my 2015 tax return?

Where to put things on tax return

  Written by Marc   Posted 16 November 2015

I worked for a company for two months last year and then worked for myself and invoiced out work. This means I have a IRP for the 2 months and then have to declare my income and expenditure on the balance of the year. When I populate the form I say yes to other income (trade). Where do I declare my expenses - such as computer, printing stationery, vehicle, medical, telephone, bank charges?

Do I qualify as a small business corporation?

  Written by Marc   Posted 16 November 2015

Hi Tim,
I am a photographer and I have my own company set up from which I invoice my clients. I am confused as to whether or not I qualify as a small business corporation due to the nature of my business? I did your online test and from what I can see "photography" does not fall into one of those categories - am I correct?
I have one full time, un related employee and not more than 80% of my income is from one person.

What will happen with the remaining

  Written by Marc   Posted 16 November 2015

I have submitted 4 IRP5's and each an every IRP5 has a tax refund but so far I have only received half of the amount what will happen with the remaining?

Is it better to buy or lease a vehicle for a commission earner?

  Written by Evan   Posted 16 November 2015

I am a real estate agent and require a vehicle to travel to appointments, etc. Would it be better to buy a vehicle (new or used) or lease a vehicle? My understanding is there are greater tax benefits in leasing (claim 100%) while buying a vehicle there is only a portion of the vehicle and interest you can claim. Is this correct? Which would you recommend?

Changing from tax consultant to TaxTim

  Written by Evan   Posted 16 November 2015

My tax returns was done by a tax consultant previously, can TaxTim help me even if I don't have his login details?

Travel Claim for independent contractor

  Written by Evan   Posted 16 November 2015

Firstly, thanks for this very informative site!

I am an independent contractor. I have used my vehicle for business use (without making a claim for re-imbursement) and have recorded this in a logbook. May I claim depreciation for my vehicle (under 4027)? Also where do I claim my business mileage travelled (code 4015 is greyed out)? And what value do put in as a claim? Is it the km multiplied by some rate? And what rate would that be?

I also have used my cell phone to make business calls and have ADSL which I use for doing work related activities. Where do I claim these amount?...

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Tax on Dividends received by Share Holder

  Written by Evan   Posted 15 November 2015

I have a EME Company registered for turnover tax. The profit is under R200 000, thus exempt from Dividend Tax. When I pay dividends to one of the two 50/50 share holders, must that share holder pay any tax on the dividends received, and can I pay all dividends to only one share holder?

Following the receipt of an ITA34 indicating the refundable amount, are there further steps needed?

  Written by Marc   Posted 15 November 2015

Following the submission of my tax return I received an ITA34 (on the 25th October) stating that a certain amount was refundable to me. I've yet to receive this amount. Is this the usual waiting period? Is there something else I need to do?

Primary residence that is jointly owned by my wife and I considered a partnership agreement?

  Written by Evan   Posted 15 November 2015

My wife and I sold our primary residence this year. The property was on both our names. One of the questions on the tax return is:

"Was the joint ownership described in a contractual partnership agreement?"

Does this apply?

1st assessment vs 2nd assessment SARS

  Written by Evan   Posted 15 November 2015

Dear Tim, could you please advise how can SARS owe me on my first assessment and ask for additional document and now on the additional assessment they have indicated that I owe them the same amount they owned me in the first assessment? How can I go about disputing this? Many thanks

Tax on irregular income

  Written by Evan   Posted 15 November 2015

I am a freelance consultant and I get money on an irregular basis. Am I eligible to pay tax, and how would that be calculated? Following is an example of my income in a year:

Jan = R0
Feb = R50 000 (this the a sum of all clients for Feb)
March = R100 000
April = R0
May = R5 000
etc

Directive outstanding

  Written by Evan   Posted 15 November 2015

Quit my job. Got a new one. Had my pension transferred to an Alexander Forbes preservation fund. The full amount is listed on my tax return as lump sum income. Completing my tax return, I am told by SARS - "Lump sum declared by directive outstanding". What now?

Can a spouse be a dependent?

  Written by Evan   Posted 15 November 2015

My wife stopped working in December last year to further her studies. I have been supporting her financially this year. Can I claim dependency deductions for her costs of living?

Cash donation received from Mom R96,000 to pay monthly debit orders

  Written by Evan   Posted 15 November 2015

I studied full time in 2014 and my Mom deposited R8,000 monthly into my bank account so that I could pay my debit orders. The total amount received from her was R96,000. I am now completing my tax return for tax year ending Feb 2015.

How do I disclose this cash donation? I do not have to pay her back so it is not a loan.

Sole prop lending money from owner

  Written by Evan   Posted 15 November 2015

We are running a sole prop from home. During bad months we find ourselves batting to get work. We have taken money from our own personal accounts to put into the business - R20 000 one month and R15 000 another month in the same tax year.

My question is, I have taken the R35 000 and added it in as income. We pay it back monthly until the loan is complete. Where do I declare the R35 000 as it was used solely for the business?

Thank you

Need help to reconcile my filing, not filed since 2013!

  Written by Evan   Posted 15 November 2015

I haven't filed since 2013, can you help me reconcile my outstanding filing?

Does a foreigner with a 5 year contract to work in SA need to file a tax return?

  Written by Evan   Posted 14 November 2015

If a taxpayer from Germany has a 5 year contract to work in South Africa for a South African employer (of an international company), would that taxpayer need to file a tax return? The employer registered the taxpayer for income tax and is deducting PAYE on a monthly basis. The taxpayer earns more than the threshold and will be tax returning to Germany after the contract.
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