Provisional Tax Posts in Tax Q&A

Am I a provisional taxpayer if my employer does not deduct tax from my salary?



I get a monthly salary on a set day every month but I get it in full, without any tax deductions. It is my responsibility to arrange for the payment of tax with SARS. Do I have to register as a provisional tax payer in order to pay tax?

From when do I start recording the expenses when establishing a sole proprietorship?



I m considering establishing a sole proprietorship, from information gathered so far, it does not need to be registered from DTI. My question is: for tax puposes, what is the date from which I can make expenses tax deductible, as there will be no registration date?
Also, is an office space required to meet minimum SARS requirements for office space deductions?
Looking forwars to your feedback. Regards

Tax on 30 000



I am selfemployed sole trader. I need to know how much tax I will pay if I show a profit of say 30 000. Looking to get a mortgage soon so need to put my books in !!!!

Do you have to pay CGT with your first provisional tax payment?



We are completing our 1st provisional tax return for our property company, and because we have disposed of properties in the last 6 months, this has triggered a Capital Gain which is payable to SARS (we don%u20AC%u2122t have any assessed losses which we can utilise). Our question is quite simple. Do you have to pay over the CGT to SARS with the 1st provisional tax payment, or can you defer it to your 2nd provisional tax payment?

Ideally we would like to push this out by 6 months to...

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Late submission of supporting documents



I submitted a tax return on SARS eFiling. A letter requesting supporting docs was issued but I neglected to upload within specified time. An additional letter was issued 21 days later, when our practice was closed for the December holidays. Once the additional assessment was issued I only realised that the documents were never submitted. I uploaded the documents on the open link. The Sole Proprietor's expenses was denied against his income and now has a massive tax debt. During the year I submit...

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When was the cut off date for filing tax returns?



When was it closed?

Provisional tax or starting a CC?



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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Multiple IRP6 payments for a specific provisional tax period submission



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.

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



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?

Closing date ITR12



What is the closing date for submitting the ITR12's

Payment Periods



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:
%u201A The current period
%u201A The current periods minus two periods
%u0192 Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. %u201A The current periods plus one period...

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



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?

Foreign Income included in Turnover Tax?



1. Which one of the following squares must be clicked on under "Foreign Income - Yes or No" on the "Information to create your personal Income Tax Return" (see background information in 2 below)

2. My husband is a pensioner and a Provisional Tax Payer. He also practices art as a hobby and registered as Turnover Tax payer regarding this income. How should he declare the foreign income from paintings that he sold to clients abroad, which is already included in the Turnover Tax amount d...

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Can I claim bank fees if I'm a sole proprietor?



Can I claim bank fees if I'm a sole proprietor?

As a sole proprietor I don't have an IRP5, how am I going to complete my Tax return?



As a sole proprietor I don't have an IRP5, how am I going to complete my Tax tax return?

Provisional Tax Payer and not a Individual



I'm about to do my first tax return, I'm registered as Individual tax payer but have been doing freelance work on an invoice basis. I did not realise that in this case I would need to be registered as a provisional tax payer instead. Am I correct in saying that I should be registered as a provisional tax payer?

How do I proceed from here?
- I should have done two IRP6's and made payments. - Then I should also do a ITR12, which is then only due in January 2016
What do I do regarding the outstanding IRP6's?...

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Tax on interest only, no other income



I am a non working wife, married out of community of property. I am not working
I am 55 years old
I have just received R2 000 000. 00 and have invested it in the bank
I receive monthly interest of R10 000 per month, this is my only income. Must I register to pay tax?
What will the monthly tax amount be?

Capital gain from trust split between spouse and myself



I earn a salary and have an IRP5. This year I have received a capital gain distribution from a trust of which I am a beneficiary of. A property was sold in the Trust and it was decided to split the capital gain between myself and my husband in equal shares. I am not sure how to deal with this on my tax return. I assume that I tick the box that says that a capital gain is applicable - it then asks me to put in the proceeds and base cost etc, but as I only received half the gain I am not too sure ...

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Don't know if i'm provitional or individual tax payer.



I'm not sure which type of tax return should I submit.

Declaring profit on Bitcoin trading and speculation



I am earning a local profit from trading Bitcoin in various exchanges throughout the world. I have lodged this under: Other Receipts Accruals - Royalties - Amount Profit - 49224

This profit was calculated by tracking how many payments I receive FROM BitX.co.za and Ice3x.co.za (which was used to trade Bitcoin for ZAR)
LESS payments made TO BitX and Ice3x, as well as all payments made to my Mercantile Bank account (which is only used to send Forex to offshore Bitcoin exchanges) as well as any other Forex payments (through my main account at FNB) destined for offshore Bitcoin exchanges...

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I am a provisional tax payer with an employee - I want to give him a bonus for December -



I am a provisional taxpayer with an employee - I want to give him a bonus for December - does he pay paye/uif on this?

Difference between IRP5 and IRP12?



I registered for SARS eFiling this morning but online it says IRP12 n IRP6 was I on the right page? because am having IRP5 and they sent me an sms asking me to fax I'd copy n IRP5

What amount of tax can a sole proprietor expect to pay, on profit of R105504 ,and salary of R281590?



I run a small business, a sole proprieter. Over the 2014/2015 tax year a earned an annual salary of R281590, I also realised a profit of R105504. According to my accountant, I need to pay R22408 in tax for the financial year. Is this correct, as it seems a bit much to me?

Steps to obtain an ITA34



I am a sole proprietor and work for the last 4 months for my self. I take an income of R30 000.00. How do I get a ITa34 that the banks requested for a loan?

What taxes would be applicable to my gross salary in UK?



Dear Tim, I am a provisional tax payer in South Africa. What would my tax parameters be if employed and paid by UK company?
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