Written by Nicci
Updated 3 May 2022
Written by Nicci
Updated 3 May 2022
Written by Nicci
Updated 28 April 2022
Written by Nicci
Updated 27 April 2022
Written by Nicci
Updated 26 April 2022
Written by Nicci
Updated 26 April 2022
Written by Nicci
Updated 21 April 2022
I have the option to participate in an employee share option scheme, but I'm a little unclear on the tax implications. I high-level view is as follows:
Options will be granted at an agreed price (e.g. R1)
The options will vest over a four year period (annually)
Once vested, I would be able to exercise the right to purchase and retain shares or sell to a willing buyer because the company is private, it may not always be easy to find a willing buyer (e.g. At the end of each year), and I may also not have funds available to purchase the shares myself. My main question is around when would I become liable for tax?...
Written by Marc
Posted 20 April 2022
I just don't understand this "due to you" thing it is been 3 working days since I have been to SARS and I have not received anything. I don't know if I owe them or they owe me, even though my assessment says "due to you"
Written by Nicci
Updated 20 April 2022
My wife and I got married last year on the 26th of March 2018. We got married in community of property, so when it comes to tax what I would like to understand is whether we will both need to do our tax differently this year and also, I would like to find out what would the implications on our tax returns be like?
Written by Marc
Posted 19 April 2022
Calculate the pro-rata salary based on the basic of R18000 - 14 days worked on VIP payroll. Calculate the PAYE on the pro-rata salary as well. How does VIP calculate PAYE on a pro-rata salary?
Written by Marc
Posted 19 April 2022
Hi Tim I applied for a credit card at a certain bank and they want me to submit an ITA34 form because I do not have a payslip as I am self-employed.
Please explain this form to me and where best I can obtain it? Thanks
Written by Marc
Posted 12 April 2022
Q: What are CIT documents
Written by Marc
Posted 12 April 2022
Q: What are CIT documents
Written by Marc
Posted 8 April 2022
I am having a problem with obtaining my IRP5 form from 2010 from one of my employers.
I was still in school this time and I worked as a waiter back then, so I was clueless when it came to submitting tax and all. I did my 2013 return, and now SARS have asked me to do it from 2010?
Answer:
You will need to contact your employer and ask them to send you a letter explaining why they are unable to provide you with the IRP5.
In most cases, your employer migh...
Written by Alicia
Updated 7 April 2022
Written by Evan
Updated 6 April 2022
Written by Marc
Posted 6 April 2022
Q: What is the difference between an ITA34 and an ITSA
Written by Marc
Posted 6 April 2022
One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’
If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...
Written by Nicci
Updated 5 April 2022
I have a loan with my company (payable from the company). I would like to know what the effects are that we need to consider regarding interest-free loans? I am aware that we can create a tax deduction for the company and I will have the interest exemption, but I feel there is something I'm missing?
Also if the shareholder already exceeded his R23k exemption, will it be fine if we do not levy any interest on this loan? Will there be any unknown tax consequences for that?
...
Written by Marc
Updated 4 April 2022
I received the following confirmation letter, what does it mean? Will I receive my refund within the next few days or what?
Dear Taxpayer
VERIFICATION OF ASSESSMENT
We refer to the verification of your assessment for the 2021 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required. Should you have any queries please call the SARS Contact Centre on 0800 00 SARS (7277). Remember to have your ID number or income tax number at hand when you call to enable us to assist you promptly. Sincerely...
Written by Marc
Posted 4 April 2022
Notice issued of SARS eFiling IT34 for 2008 and 2013
Written by Evan
Posted 1 April 2022
Q: How do I know if I owe SARS or not
Written by Marc
Posted 1 April 2022
Q: What does a negative tax refund amount means
Written by Marc
Updated 31 March 2022
Written by Marc
Posted 31 March 2022
I will be taking a new job that requires me to be a contractor. There are mixed opinions on how contractors get taxed. The consulting company assures me this is a flat rate of 25%, but on reading SAICA's website I found this little nugget: " If the independent contractor works more than 22 hours a week, he/she must be taxed in terms of the income tax tables".
I will definitely be working more than 22 hours a week, can you tell me things will work, please?
The question of tax relates to how you are perceived to be working for the "employer" to whom you will be contracting out to...
