SARS asked for calculation for depreciation on laptop

Updated 6 April 2022

I completed my tax return through TaxTim. SARS asked me now to show them how we calculated depreciation on the laptop I use for work. Can you help me with this as I don't know what to give them?

How is profit on sale of private vehicles taxed?

Updated 6 April 2022

I bought a used bakkie from a friend at his book value and sold it soon after at a good profit. Will it be taxed under capital gain?

Confused between the ITA34 and ITSA

Posted 6 April 2022

Q: What is the difference between an ITA34 and an ITSA

What happens once I've submitted my tax return form?

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. ...

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How to calculate Tax on Overtime

Posted 6 April 2022

Question from Kelly:

How do you calculate tax on overtime?
Does the overtime put you in a higher bracket (pay higher tax percentage) for one month only if you received overtime in one month only?
e. G. Monthly income = R12050
Overtime = R4600
No benefits
How much tax for that month?

TaxTim reply:

Yes for that month you will be taxed at a higher rate as the PAYE is deducted based on the tax tables which are annualized.

Please have a look at this:

This is your take home pay: R14662

...

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Car vs car allowance tax

Updated 6 April 2022

From a tax perspective which is more beneficial to an employee: a car allowance or a company provided vehicle? What would the impact be on either if the employee does not travel sufficient business kilometres on both?

Retirement lump sum calculator

Updated 5 April 2022

The TaxTim lump sum tax calculator provides for BEFORE and AFTER retirement, retrenchment or death - with a marked difference between the BEFORE and AFTER options. I would just like to make sure that this is correct, as I am being told by my fund that withdrawing retirement funds (post retrenchment - but before retirement age) does not have the same rate. I have been forced to withdraw from my pension fund because of retrenchment due to "redundancy because of a general reduction in personnel" (a cost to company reduction)...

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How to calculate provident fund deductions for 2016/2017?

Updated 5 April 2022

Please can you show an example of how the employer and employee's provident fund will affect the monthly tax 2021/2022. I still do salaries manually.

Confirmation letter

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...

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What does it mean when you receive a message from SARS notice issued for 2008 and 2013?

Posted 4 April 2022

Notice issued of SARS eFiling IT34 for 2008 and 2013

What is the tax on basic salary plus commission?

Updated 4 April 2022

What is the PAYE calculation on basic salary plus commission?

Calculating tax on commission

Updated 4 April 2022

I wanted to know how to calculate how much tax I will have to pay to SARS. I am an estate agent and earned about R106 000. 00 commission for the tax year.

I receive a ten digit number from SARS, how do I know if its my tax number?

Updated 1 April 2022

I went for an interview last week and the recruitment officer told us that as an employee you will need a tax number, but she then said she might apply on behalf of some of us and we might receive an SMS. Yesterday I received an SMS saying I have been registered and they send me a ten-digit number and said it's a tax reference number, how do I know if the number really is my tax number?

What does code 3801 and 3810 on irp5 stand for? If fringe benefits why wont they appear on payslip?

Updated 1 April 2022

I am currently completing my 2 daughters, my son in law, my husband and my tax returns for the 2015 tax year and I am unsure of code 3801 and 3810 on my daughter's tax return. What could these fringe benefits be? I don't see it on her payslips? Her salary structure is that her salary as a cash amount and travel allowance on her payslip as well her medical aid, disability, provident, Income protection insurance and ancillary fee but her IRP5 does not show the above on her IRP5?
Confused! Doe...

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What does a negative tax refund amount mean?

Posted 1 April 2022

Q: What does a negative tax refund amount means

How do I enter PAYE reference number

Posted 1 April 2022

I was just asked me for my PAYE reference number how does it differ from my tax reference number

VAT on interest

Updated 31 March 2022

I have a business that collects debt on behalf of other service providers, we eventually charge interest if the payments are overdue longer than 3 months. Are we required to charge VAT on this interest?

How do independent contractors get taxed?

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...

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Is there a way I can register for PAYE on Sars Efiling?

Posted 31 March 2022

Q: How to Register for PAYE on eFiling

How should an online freelancer pay tax?

Updated 31 March 2022

Hi there, I need some advice. I currently work full-time but will be going freelance from April. I have already started some freelance work on the side, and wanted to know how I should go about paying tax for this? Most of the Freelance work I am doing is on an online website (for countries all around the world) and I transfer the funds into my bank account each month. No tax is taken off of this by the website, so I wanted to find out how I should go about paying tax, would it be a monthly or y...

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Independent Contractor versus Personal Service Company

Updated 30 March 2022

I'd like to get some clarity on whether there is a difference between an Independent Contractor and a Personal Service Company?

How much should I expect for tax on leave payment?

Posted 30 March 2022

Q: How much tax would I pay on my leave payment

Can I get a copy of my IRP5 form online?

Updated 30 March 2022

Where else besides from my employer can I obtain an IRP5 form? I no longer have the one I received.

Where to find proof of income tax reference number?

Updated 30 March 2022

I need documented proof of income tax reference number - not IRP 5 or salary slip. Where do I get this? I need this for retirement papers.

Calculation of fringe benefit tax on use of a company car. / deduction claim

Updated 30 March 2022

Calculation of fringe benefit tax on a company car. Car owned by the company used for business purposes and a small amount of private (home to work etc) Codes 6020 and 6035 are used. One is for the value of the vehicle and the other is the amount taxable. Does this get added to the taxable income? will code 6035 be the one that contains the taxable portion?
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