Retirement Annuity Topup

  Written by Marc   Posted 10 February 2014

I am a Pensioner in my seventies. Have a Retirement/Living Annuity ~ R 750 000 and want to top it up with R 500 000(for various reasons).

What is the Tax implication? From the R 500 000 contribution, what can I deduct in the current and future tax years?

Is CGT payable as the plot was bought with the intention to build a house?

  Written by Marc   Posted 10 February 2014

I bought a plot 20 years ago with the intention to build a house. Due to financial constraints I did not build nor purchase any other property. I have now sold the plot and purchased a house in much cheaper area

Am I liable for CGT on the sale of the plot?

Medical tax credit apportionment for deceased taxpayer?

  Written by Marc   Posted 9 February 2014

When calculating the normal tax liability for a deceased taxpayer, should the medical tax credit be apportioned as the primary rebate would be apportioned?

Avoid annoyance of IRP6 submission?

  Written by Marc   Posted 9 February 2014

I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Which property is my primary residence in SARS' eyes?

  Written by Marc   Posted 7 February 2014

I have just found a flat that I would like to buy (I already own one flat).

I was wondering how SARS determines what your primary residence is if you have two properties? Apparently if you sell your primary residence, you have a capital gains break of R1mil, but what's to stop you moving into your second property just before selling and claiming that it is your primary residence?

I have learned that I need to take tax into account with every decision!

Do I pay tax on my SA salary if I am out of the country for most of the year?

  Written by Marc   Posted 5 February 2014

I am going to work for a Tanzanian company for the next 12 months, but will still earn my SA salary. Is it business as usual in terms of PAYE on my SA salary, or is there some sort of relief?

Tax for one who has been some unemployed, some working overseas?

  Written by Marc   Posted 5 February 2014

Ok, so I was retrenched on March 27th 2013. I got a 2 month severance package. From 15th of April up to 30th August I was lucky to get consistent temp jobs. Then from September 1st to October 6th I was unemployed. I left RSA on Oct 7 to come work in Saudi Arabia. Therefore I was unemployed for 50 days and out of SA for 166 days consecutively. I will only be able to come home for 3 weeks between mid September and mid October. I do send about R35,000.00 per month home to pay bills and the bon...

Read more →

What will tax on a bonus of R10 000 be?

  Written by Marc   Posted 4 February 2014

What is the tax on a bonus of r 10000.00

Tax difference on bonuses?

  Written by Marc   Posted 3 February 2014

how does my tax work on my annual bonus. I earn R7500 p/m and pay R343.34 in tax why when I get a 13 cheques does my tax go up to R1693.33.

SA non-resident with rental property in SA what are the tax implications?

  Written by Marc   Posted 31 January 2014

I used to live and work in SA but then moved to the UK 8 years ago. Since then I have and still am working full time in the UK for a UK employer paying UK PAYE and now have UK citizenship.

For the last 4 years I have been sending money back to my SA bank account and used that money to purchase a rental property in SA.

As an example using dummy numbers for simplicity:
Purchase price: R100k
Deposit: R50k
Bond: R50k

Rental Income: R20k p.a....

Read more →

How to claim tax deduction on frail care for Alzheimers patients

  Written by Marc   Posted 30 January 2014

My mother in law is resident in a frail care facility because she suffers from Alzheimers and cannot look after herself. I have heard that there is a possibility that this could be claimed against her tax. How do we go about this?

Primary rebate automatically deducted for freelancers?

  Written by Marc   Posted 30 January 2014

I am a freelancer. If I eFile my return is the primary rebate automatically deducted from my income before the tax amount is calculated. Or do I have to deduct it myself?

Second provisional tax calculation and supporting documents required?

  Written by Marc   Posted 30 January 2014

How do we calculate second provisional tax and what documents are required?

Contract worker for two months - tax & UIF deductible?

  Written by Marc   Posted 29 January 2014

I'm currently employed on a two month contract, should tax be deducted or not?

Can PAYE tax be taken off my salary if I earn less than R54 000 for the year?

  Written by Marc   Posted 28 January 2014

I have a 6 month internship and am being paid R9000 per month. For my first salary I only received R6918. As my contract is only for 6 months and its R54 000 for the year can I be charged PAYE as its less than the required yearly salary to be eligible to pay tax? If I have to pay PAYE, can I claim this money back and how soon?

Can input VAT be claimed on assets used for staff entertainment?

  Written by Marc   Posted 28 January 2014

If a business buys assets for staff entertainment : like coffee machines, pool table for the canteen, any furniture that can be used by the staff for staff entertainment. Can you claim input VAT?

WEAR-AND-TEAR OR DEPRECIATION ALLOWANCE of INCOME TAX ACT NO. 58 OF 1962?

  Written by Marc   Posted 28 January 2014

WEAR-AND-TEAR OR DEPRECIATION ALLOWANCE of INCOME TAX ACT NO. 58 OF 1962
is it still valid - can I use this list of depreciation in 2014 or has there been changes made?

Is a Disability benefit a form of income protection for tax purposes?

  Written by Marc   Posted 27 January 2014

Some Life insurance policies have a life insurance and a disability benefit. Can the contributions to the disability portion of the policy be tax deductible?

Business expense refund?

  Written by Marc   Posted 27 January 2014

I have my own private practice. What percentage of my business expenses occurred throughout the year can I expect to get back?

Pension fund deduction claims?

  Written by Marc   Posted 27 January 2014

I am salaried individual PF deducted @12% , apart from that I am contributing to VPF also(Which is under 80C).

When ask for tax exemption for the VPF amount what I had paid, they say you are not eligible to claim, since already 12% deducted from your basic.

Please any document proof if available

How much tax would be deducted on a R12,500 monthly salary?

  Written by Marc   Posted 25 January 2014

How much tax would be deducted on a R12,500 monthly salary?

Is rental income from my primary residence taxable?

  Written by Marc   Posted 24 January 2014

Occasionally I rent out the spare bedroom in my primary residence. I'm not running a guesthouse - it's just a way of making a tiny bit of extra income and meeting some interesting people. I don't often have people staying - maybe for a total of 30 days out of the year. Do I need to declare this as "rental income"? If so,
1. What expenses can I claim against this income?
2. Where do I put it on my return? I'm already using the section "Local business, trade and professional income" for ...

Read more →

Is my overseas earning exempt from tax?

  Written by Marc   Posted 23 January 2014

I was working in USA from October 2012 to May 2013 (without coming back home)
I paid Fed and State tax in USA over the period.
So for the 2013/2014 individual tax year.
I was out the country for more than 60 days in one go but not more than 183 in this particular tax year.
Questions are:
1. Are my earnings overseas exempt? or if not
2. Will I include the earnings and get a taxable deduction for foreign taxes paid?

Turning 65 during a tax year; are >65 deductions apportioned?

  Written by Marc   Posted 23 January 2014

If a taxpayer turns 65 during a tax year, are the >65 benefits applicable for the full tax year or are deductions apportioned?

tax rebatre for branded vehicles

  Written by Marc   Posted 23 January 2014

What are the rules regarding company vehicles and branding of company vehicles, is there a tax benefit to the driver of a company vehicle if it is branded?
Older posts →← Newer posts    109  110  111  112  113  114  115  116  117  118  119  120  121  122  123  124  125  126  127  128  129