Tax on interest only, no other income

Posted 26 November 2015

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

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 ...

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

Posted 26 November 2015

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

Declaring profit on Bitcoin trading and speculation

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...

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

Posted 25 November 2015

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?

Posted 25 November 2015

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?

Posted 24 November 2015

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

Posted 24 November 2015

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?

Posted 24 November 2015

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

Do all provisional tax payers pay twice a year?

Posted 24 November 2015

I am sure I am a provisional tax payer, however, I have only paid tax once a year in the past. Is this right?

Find out if I am a provisional tax payer?

Posted 24 November 2015

Am I a provisional tax payer?

Provisonal tax versus monthly tax

Posted 23 November 2015

I am currently an independent consultant and I know I currently qualify as a provisional tax payer. Is there a way of paying my tax monthly (as a normal employee) by myself without having to pay the two major payment twice a year?

Can you assist with complicated tax return, involving extra income, provisional tax etc?

Posted 23 November 2015

My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.

Am I able to use your services effectively and accurately in...

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Independent contractors - which form?

Posted 23 November 2015

1- If a person is an independent contractor which form do they fill?

2- What happens if they have not been paying provisional tax, are there penalties?

Where do you include deductions in terms of a business as a sole proprietor?

Posted 23 November 2015

I know a medical practitioner who in addition to working at a hospital, started their own private medical operations in Jan. As a sole proprietor, I understand that the profit/loss should be included in their personal tax return.

Where on their tax return should they fill in deductions of expenses incurred in the production of income ito the practice?

IRP 6 (3) - TOP UP TAX FORM

Posted 22 November 2015

Does your Provisional Tax Product include the  IRP 6 (3) which I understand is the form required for the 'top-up' tax?

Can financial derivative gains be declared on the ITR12

Posted 22 November 2015

I earned income using financial derivatives during the 2014/2015 tax year. I was not registered as a provisional tax payer. Can I declare my income on the ITR12 personal income tax return? If not, what steps do I need to take?

I have to do the IRP5 only

Posted 19 November 2015

I have the IRP5 not the IRP6 or 12. Why I did not get that option?

How to declare other income, if when combined with interest income is still below the threshhold

Posted 19 November 2015

I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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Payment Reference Number - Provisional Tax

Posted 17 November 2015

For Provisional Tax - how does one determine the Payment Reference Number on the IRP6? Do you determine this or do I have to - and if so how do I determine the reference number?

Salaried and Provisional Tax deadline

Posted 17 November 2015

As a salaried individual who also makes some money n the side and am registered as a Provisional taxpayer, does the 27 November deadline affect me or do I have until the end of Jan 2016?

Payment periods for Provisional Tax

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?

Due date for ITR12 as a Provisional Taxpayer?

Posted 12 November 2015

Have submitted my two Provisional Tax tax returns for this year already, and still need to submit my ITR12. When is that due? It's the first time I'm doing it myself after getting rid of my accountant. Also if I decided to get TaxTim to do it, what all would I need in terms of documentation, and how simple is the process through your guys?

Should a freelance scriptwriter working from home pay tax as an individual or as a sole proprietor?

Posted 12 November 2015

Should a freelance scriptwriter working from home pay tax as an individual or as a sole proprietor?

Is a sole proprietor a business?

Posted 11 November 2015

If I earn income as a sole proprietor for doing admin and accounting work am I considered to be running a business?
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