Written by Marc
Posted 5 January 2016
Written by Marc
Posted 4 January 2016
Written by Marc
Posted 30 December 2015
Written by Marc
Posted 15 December 2015
Written by Marc
Posted 10 December 2015
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 donâ%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...
Written by Marc
Posted 8 December 2015
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...
Written by Marc
Posted 4 December 2015
Written by Marc
Posted 4 December 2015
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. )?...
Written by Marc
Posted 3 December 2015
Written by Marc
Posted 3 December 2015
Written by Marc
Posted 2 December 2015
Written by Marc
Posted 2 December 2015
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:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...
Written by Marc
Posted 1 December 2015
Written by Marc
Posted 27 November 2015
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...
Written by Marc
Posted 27 November 2015
Written by Marc
Posted 27 November 2015
Written by Marc
Posted 27 November 2015
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?...
Written by Marc
Posted 26 November 2015
Written by Evan
Posted 26 November 2015
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 ...
Written by Marc
Posted 26 November 2015
Written by Evan
Posted 25 November 2015
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...
Written by Marc
Posted 25 November 2015
Written by Marc
Posted 25 November 2015
Written by Evan
Posted 24 November 2015
Written by Evan
Posted 24 November 2015
Do Your Tax Return Easily