Investing money at the bank and earning interest and the tax implications thereof?

  Written by Marc   Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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Company car and car allowance in same tax year

  Written by Marc   Posted 23 June 2015

I had a company car for the 1st 4 months of this tax year, and moved over to a car allowance for the remainder. How would I need to complete my efiling tax return?
Secondly, how will this affect my return?

Claiming against fuel card even with Car Allowance?

  Written by Marc   Posted 23 June 2015

I receive a car allowance and use my own private vehicle. The compan however pays for my fuel n full via a fleet petrol card. This amount reflects on my payslip for tax deduction. Can I claim against this? If so how do I complete the return?

EMP501 manually on eFiling?

  Written by Marc   Posted 23 June 2015

How to submit EMP501's manually on eFiling.

Employee vehicle leased to employer

  Written by Marc   Posted 23 June 2015

Can a company lease the "employee's personal vehicle" from the employee from Monday to Friday during the month and pay the employee a vehicle rental amount without attracting any fringe benefit tax?

Is this email from SARS or it is a scam

  Written by Marc   Posted 23 June 2015

I received an email at 12h51 this morning, the below email has a link and I am afraid to complete the information from the Link as they are asking me to confirm my banking details so that my money will appear in my bank account. I didn't apply for the tax return. Read the below email!


We have confirmed your returns and a tax epayment of R3,849. 35 made into yo= ur account. Check below for confirmation. Confirm transaction
Efiling returns 2015

Tax payment to SARS?

  Written by Marc   Posted 23 June 2015

I am employed by two companies and am paid R6000 from each one so I get a total of R12000 a month. My employers are now going to register me, with the salary each one pays me I will under the tax threshold, so they will not deduct any tax. Will I be liable to pay any tax?

Do I qualify for tax return if im ening R900.00 a week?

  Written by Marc   Posted 23 June 2015

Do I qualify for tax return if im ening R900. 00 a week?

Tax ID for American citizen with children that live in RSA.

  Written by Marc   Posted 23 June 2015

I am an American citizen however, My three children live with their mom In JHB. ( all have RSA ID ) I have a skill doing professioanl voice overs and would like to do this work when I visit my children. ( there is a demand for authentic American voices ) Can I get a Tax ID so I can do this work. If so How do I proceed. Thanks

Tax implications of giving a gift to my wife / child?

  Written by Marc   Posted 23 June 2015

I am married by Anti Nuptual Contract (ANC) without accrual. I would like to give a gift to my wife of R500k. Is this taxed? Do I have to make any declaration to Sars? If so, when must this be made?

Can I give a gift / donation to my child? Are there limits, and what is the procedure?

Tax on bonus with SARS

  Written by Marc   Posted 23 June 2015

I am employed by the government and want to know if there is an option where u pay tax annually? And if I am paying monthly should my bonus be taxed. I earn 15250 per month.

PAYE - traveling

  Written by Marc   Posted 23 June 2015

Good day can I deduct traveling to and from work every day (130km x 5 times per week). So that my PAYE is less every week?

How to handle medical aid contributions paid by companys for ex employees(over 65).

  Written by Marc   Posted 23 June 2015

I am a pensioner, over 65, and my ex company contributes 50% of subscription to my medical aid. In response to my query to them if they would issue me with an IRP5 certificate covering their portion for me to declare as income I received this reply: Company medical aid contributions paid to ex employees will not be regarded as income in the hands of the ex employees and confirmed to me that medical aid contributions paid to former employees will not be taxed. There is therefore no need to issue ...

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How do I calculate Monthly PAYE correctly

  Written by Marc   Posted 23 June 2015

When calculating and employee's monthly PAYE shouldn't the tax rebate amount be deducted off the taxable salary amount upfront?

So an employee (28 years of age) earning R 10 500. 00 per month = Annual Salary of R 126 000. 00. Should the monthly PAYE be calculated as follows:

R 126 000. 00 * 18 % = R 22 680 - (2016 rebate amount) R 13 257. 00 = R 9 423. 00/12 = R 785. 25 monthly PAYE due. Or Should the calculation be done as follows R 126 000. 00 * 18% = R 22 680. 00...

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Earning a salary in the UK but living in SA.

  Written by Marc   Posted 23 June 2015

This is a question which is related to the question posted below: Posted 2 December 2013 under Tax Questions I'm a South African currently residing in the UK (and have done so for the past 10 years). I will be returning to South Africa as a resident but will still be earning pounds (This is a salary I'm earning from the UK. I basically do Marketing work for a UK based company and get paid in pounds into a UK bank account and also pay taxes in the UK). What is my obligation towards SARS? My qu...

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Can you claim for use of your private vehicle for work without a travel allowance or car allowance?

  Written by Marc   Posted 23 June 2015

Can you claim for vehicle usage if you used your private car for work and got a detailed logbook for it but did not receive any travel allowance or car allowance?

Im jobles now ,will I still get a tax refund?

  Written by Marc   Posted 23 June 2015

Greetings !I'm no longer working,so I want to know am I still going to get a tax refund?az I got 2years ago?

Is everbody entitled to R500 000 tax free amount on retirement funds

  Written by Marc   Posted 23 June 2015

I have retired at the end of December 2007. At that time the tax free amount was R300 000. Since that time the tax free amount was increased to R500 000. I have a retirement annuity which is due to pay out soon. The 1/3 lump sum which I intend to take is R46 000, Will tax be deducted from the lump sum amount or will it be tax free?

Can I earn a salary on a retirement visa??

  Written by Marc   Posted 23 June 2015

Good Day, if I am from the UK and I am on a retirement visa in SA, and I have bought into a business, is it legal to earn a salary? I am a director of the business. If I am allowed to earn a salary, then must I pay the tax considering what visa status I'm on. If I pay it into my wife's account who is a SA citizen, will that be construed as tax evasion?

R14 000 income per month for a year how much return can expect to pay?

  Written by Marc   Posted 23 June 2015

I started my business in 2013 June I started buy material for my business I never paid tax before every month I get ± R14000 how much can I maybe be owing?

Self employed income

  Written by Marc   Posted 23 June 2015

I was full time employee for the first six months, and then changed to self-employed contractor issuing an invoice to a seperate but related entity. What are the deductions I can claim against income invoiced?

SARS payment

  Written by Marc   Posted 23 June 2015

Tax has been deducted from my salary every month but the lady from SARS who I spoke to over the phone said they have no record of my payments. Where has this money been going to?

Is it necessary to register company for VAT

  Written by Marc   Posted 23 June 2015

I am in the prcess of starting my own company. The planned income per month will be 65 000 to 70 000 and payments around 35 000. A small company. Is it necessary to register for VAT or will I still be under the threshold?

Taxation of lump sum amount from profit share of company

  Written by Marc   Posted 23 June 2015

How will I get taxed if I receive a percentage of the net profit from the company I work for every few months as a lump sum, which is additional to my base salary?

What is my tax obligations when running a DVD rental store as sole proprietor?

  Written by Marc   Posted 23 June 2015

I am thinking about acquiring an established Dvd rental store and plan on running it as a sole proprietor and using my personal bank account for the business. This would be my only income and only business. * How would I calculate my "taxable-income" Ex. , (all amounts are monthly expenses) The total turnover would be roughly R15000 of which, R4000 goes toward purchasing films (stock), and R5000 would go toward renting the premises. I would also need to purchase printer ink, paper, stationary,...

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